We entrusted Citrin to properly file our corporate tax returns with the relevant governmental authorities and expected that, as a major accredited accounting firm, Citrin would fulfill those basic duties, said Stefan Brodie, co-founder and CEO of Purolite. In response to our refusal to engage in unethical practices at the behest of the Brodies, Purolite is waging an aggressive campaign of harassment against the firm that includes false statements about Citrin Cooperman and its individual partners. About Citrin Cooperman: Citrin Cooperman is among the largest, full-service assurance, tax, and business advisory firms in the United States, having steadily built its business serving a diverse and loyal clientele since 1979. By your submission of information in this form, you are consenting to our collection, use, processing and storage of your information in accordance with Citrin Coopermans privacy policy. The Judge overseeing this case is Eileen Rakower. Given an opportunity to speak, Weber said hed only ever intended to borrow the money, and promised, I will try 100 percent to make amends. Webers lawyer, Kevin Kearon said, He is deeply remorseful. Weber must serve at least three years and as long as nine if probation keeps him in that long. The lawsuit chronicles Citrin's blatant incompetence, intentional concealment and extreme bad faith, which resulted in Purolite's unwitting failure to meet its tax filing obligations. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. This case was filed in New York County Courts, Supreme Court Civil Term located in Washington, New York. Purolite sued in 2019 and filed an amended complaint in 2021. Company Type For Profit. Open to all tips: earvedlund@inquirer.com, Here are the big tax headaches that could hit firms and employees who work from home, Heres how to get free help on your 2020 taxes, California residents do not sell my data request. In addition, Citrin forged signatures on [at least two] Purolite engagement letters in a fraudulent attempt to indemnify itself retroactively once its malpractice was discovered by Purolite. According to the court filings, Brislin quit Citrin when questions arose shortly after EY picked up the accounting work. Last August, Citrin made a presentation to EY, Purolites new accounting firm; and to Purolites law firm, Skadden. Key industries include hydrometallurgy, metals plating, pharmaceutical, potable and groundwater, power, semiconductor and sugar & sweetener. The specific charge: The companys accountants had failed to properly file Purolite tax returns and in some years, failed to file returns at all from 2010 to 2017. Operating Status Active. Florida (954) 516-6000 KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Purolite Corp. (Purolite) and its principals, Stefan and Don Brodie, today added a claim for negligent misrepresentation to its extensive complaint against its former accounting firm Citrin Cooperman & Company, LLP (Citrin), its co-founder and CEO, Joel A. Cooperman, and several of its principals. It operates a large office in Center City Philadelphia. Headquarters Regions Greater New York Area, East Coast, Northeastern US. Beware! To ensure the most secure and best overall experience on our website, we recommend the latest versions of. For its part, Citrin, based in New York City, now employs 1,350 staff in 19 locations and books $320 million in revenues annually. You were expected to get your job done. Complaint Contact Us Florida (Main) Office 4450 NW 126th Avenue Suite 101 Coral Springs, Florida 33065 Phone: (954) 516-6000 Maryland Office Citrin Cooperman entered the picture about six years after Plaintiffs began investing in the Funds when Carrow became the managing partner of its Philadelphia office. Our firm has successfully built our business and our reputation for over 40 years since starting the business in 1979 and today have over 40,000 satisfied clients. Purolite has pioneered the development of these technologies in adsorption, catalysis, condensate polishing, metals removal & recovery, nanoparticle milling, softening and demineralization. Files Malpractice Complaints with IRS and Other Accounting Regulatory Bodies for Citrins Failure to File Purolite Tax Returns for Five Years and Additional Acts of Gross Professional Misconduct. [ NEW] CohnReznick Add the rest of your contact information below and select which topics are of interest to you. We stand by the firm's decision to refuse to prepare the tax returns in question and look forward to pursuing all legal remedies available. Purolite makes absorbent resins, tiny beads that purify water and decontaminate solutions for the drug, food, semiconductor and power industries. Citrin Cooperman & Company, LLP is a licensed independent CPA firm that . The lawsuit chronicles Citrin's blatant incompetence, intentional concealment and extreme bad faith, which resulted in Purolite's unwitting failure to meet its tax filing obligations. We had no other choice but to bring this matter to court and to the licensing boards in the hope that no other company will be subjected to the nightmare we have been forced to deal with.. Stefan Brodie (shown here), and brother Don Brodie, founded Purolite in 1981. An important Citrin partner was convicted of larceny and tax fraud for embezzling almost $1 million from several clients, two of whom were among his closest friends. Maryland (240) 516-6000 Cancellation and Refund Policy, Privacy Policy, and Will be used in accordance with our terms of service & privacy policy. READ MORE: Here are the big tax headaches that could hit firms and employees who work from home. Our daily mission is to help our clients "focus on what counts." We will only set these optional cookies if you enable them, by allowing specific optional cookies in "cookie settings.". Citrin Cooperman & Company, LLP is a licensed independent CPA firm that provides attest services, and Citrin Cooperman Advisors LLC and its subsidiary entities provide tax, advisory, and business consulting services. Join us on our journey in assessing the past year so we canaccess the future. Citrin now says the company owes additional taxes. As recently as a week ago, Purolite requested that Citrin Cooperman prepare tax returns on Purolite's behalf taking positions that the firm does not agree with. Citrin Cooperman Advisors LLC and its subsidiary entities are not licensed CPA firms. It says its $30 million demand reflects money in federal taxes, interest and penalties they might owe should the IRS audit the firm. He turned out to be a sociopath, a charlatan and a con artist. Targum now spends sleepless nights, he said, worrying about losing his home and providing for his wife and children. "Athlete | Empire" presents the in-depth, intimate stories of these businesses, as told by the players themselves. There are also currently over 200 lawsuits listed online involving Purolite, its parent company, and various subsidiaries. In recent days, the Biden administration has proposed plans for a global minimum tax to crack down on corporations stashing profits abroad to avoid U.S. taxes. So it was unusual when in February the companys chief executive updated its website by posting an angry open letter. Purolite has requested that these regulators conduct a full investigation into Citrins professional negligence and take all actions warranted by its conduct, including revoking the licenses of Citrin Cooperman and the named individuals. Citrin Coopermans Manufacturing and Distribution Practice is delighted to announce the release of the third annual industry survey report! Founded in 1979, Citrin Cooperman is a leading provider of tax, accounting and advisory services for small and midsize businesses and high net worth individuals across a variety of end markets. I want to personally warn you of the gross malpractice and professional misconduct committed against my company, Purolite, by our former accounting firm Citrin Cooperman, warned Purolites Stefan Brodie. The con is that advancement takes years. The release of the Year in Review has become a well-honored tradition at Citrin Cooperman. Public Records Policy. Last Funding Type Private Equity. Citrin Cooperman has repeatedly resisted the Brodies demands to prepare tax returns that we believe would violate our professional standards and government regulations, the accounting firm said. citrincooperman.com, Contact:Laura Kucera, Chief Marketing Officer[emailprotected] 212.697.1200 x6355, Cision Distribution 888-776-0942 I still owe the money he stole from me to the government, Targum said. Managers let you do your job without much interference. However, Skadden disagreed. Great stepping stone This has long been a vexing issue. Bardach knew the thieving accountant for 15 years and only found out about his missing $60,200 when the IRS emptied out my bank account to recover the funds, he told the judge. Claim your Free Employer Profile Website: www.citrincooperman.com Headquarters: New York, NY Size: 1001 to 5000 Employees Founded: 1979 Type: Company - Private Industry: Accounting & Tax Revenue: $100 to $500 million (USD) Competitors: Unknown Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. They were also charged with violating the Clean Air Act by the U.S. Attorney's Office in Philadelphia on behalf of the U.S. Environmental Protection Agency, for which it was fined $400,000. For many years, Purolite and Citrin Cooperman accountants worked together in a partnership that began when the older Brodies hired a small accounting firm that was later, in 2007, purchased by Citrin. If you have questions regarding our use of your information, please send an e-mail to privacy@citrincooperman.com. The Defendants continued use of the Plaintiffs services and Defendants acceptance of the account statements [were] received without objection.Citrin Cooperman seeks damages in excess of $50,000, plus the costs of litigation. A Philadelphia accounting firm has filed a breach of contract claim against an online business specializing in offering health and fitness advice over allegations that the defendant has a large outstanding bill for services.Attorney Francis X. Grimes, of the Jenkintown, Pa. firm Stock & Grimes, LLP, filed a civil action March 19 at the Philadelphia Court of Common Pleas on behalf of Citrin Cooperman & Company LLP.The lawsuit claims that King of Prussia, Pa.-based Internet Fitness LLC and Internetfitness.com Inc., have failed to compensate the plaintiff for accounting and tax services that the firm conducted on behalf of the defendants.Citrin Cooperman claims that it is owed $52,500.Despite repeated demand for payment by Plaintiff and or its representatives, Defendants have failed and/or refused to make payment on the invoices submitted to Defendants by Plaintiff, the complaint reads.The lawsuit accuses the defendants of unjustly enriching themselves by not having paid for the services provided by the accounting firm.The Plaintiff mailed to the Defendants account statements when the Defendants utilized the Plaintiffs services and continued to mail account statements reflecting account activity, and therefore, an account was stated by virtue of the Defendants receipt and acceptance of those statements, the lawsuit states. We use necessary cookies to make our site work. The Newsletter Bringing the Legal System to Light. [Source: Tip to GC] CliftonLarsonAllen 10% pay cut for employees firm-wide from May 1 until Dec. 31 Oct. 31 Aug. 1. Employees to receive their pay that was cut from May 1 to Aug. 1 as of Oct. 19. He added: Coopermans assertion that Purolite has asked for aggressive accounting is ridiculous, considering that Mr. Coopermans firm prepared and filed the Brodies personal returns based on the very same accounting.. And no state forms were filed from 2015 through 2017. For many years, Purolite and Citrin Cooperman accountants worked together in a partnership that began when the older Brodies hired a small accounting firm that was later, in 2007, purchased by Citrin. Markets never sleep, and neither does Bloomberg. Citrin had prepared but never filed our corporate returns for tax years 2013 through 2017 and had failed to properly file all necessary tax forms for Purolites foreign affiliates from 2010 through 2017, he said. "Citrin Cooperman" is the brand name under which Citrin Cooperman Advisors LLC and Citrin Cooperman & Company, LLP, independently owned entities, provide professional services in an alternative practice structure in accordance with applicable professional standards. About Citrin Cooperman: Citrin Cooperman is among the largest, full-service assurance, tax, and business advisory firms in the United States, having steadily built its business serving a. Last year presented steep learning curves, demanded reinvention, and fostered creative opportunities to adjust and adapt. The partners of Citrin Cooperman issued a statement in response to a press release sent to numerous outlets by the principal shareholders of a former client, Brotech Corporation doing business as Purolite Corp., describing an ongoing litigation. Managing Partner, South Florida Offices, Citrin Cooperman Advisors LLC. He also devotes a portion of his practice time to commercial litigation supporting ongoing firm engagements in damage analysis and has provided expert testimony. This new claim was added to the eight-count complaint Purolite and the Brodies filed against Citrin and its principals in April 2020 alleging, among other things, fraud, gross negligence and breach of contract. submit your information to us. The accountant says it was pressured to be aggressive and now wants changes. The case status is Pending - Other Pending. Founded Date 1979. Good business advisory starts with being a good listener. The fight is now focused in large part over a complex tax issue of whether Purolite owed taxes on money booked by off-shore subsidiaries. We are all deeply troubled by their baseless claims and their personal attacks," said Citrin Cooperman Co-Founder and CEO Joel Cooperman. Citrin's malfeasance caused Purolite to suffer substantial harm and required the company to hire new accountants and lawyers to remedy the breach the accounting firm caused. Our Website Uses Cookies. We've received your submission. An experienced auditor with a strong understanding of complex tax and accounting issues, Josh also provides services in the areas of civil litigation as well as buy-side and sell-side transaction advisory services. Widower says UPMC-affiliated facility was negligent in causing his wife's fall and later death, Pittsburgh business that sued neighbor and sewer authority over its flooded basement, receives stay, Pittsburgh man says building owner's negligence led to him suffering spinal fracture, Terre Hill man says his home was infested with bed bugs after buying defendant's mattress, Health care company's bankruptcy proceedings leads to stay of man's MRSA infection suit. Managing Partner, South Florida Offices, Citrin Cooperman Advisors LLC Partner, Citrin Cooperman & Company LLP Coral Gables T: (305) 444-0999 Experience CREDENTIALS WORK-LIFE BALANCE Experience Joshua Rader is the managing partner of Citrin Cooperman's South Florida offices. Citrin Cooperman 2022. from 8 AM - 9 PM ET. "Citrin Cooperman" is the brand name under which Citrin Cooperman Advisors LLC and Citrin Cooperman & Company, LLP, independently owned entities, provide professional services in an alternative practice structure in accordance with applicable professional standards. For decades, family-run Purolite has sold specialty resins, gradually expanding sales to more than 30 countries. It does so in plants from China to Romania. Prior to joining Citrin Cooperman, Josh was the managing partner of Appelrouth, Farah & Co., P.A. CitrinCoopermanis an independent firm associated with Moore Global Network Limited. Citrin Cooperman Got Sent to Their Room By the PCAOB For Broker-Dealer Audit Screw-Ups by Jason Bramwell After doing a quick Google search, it looks like the PCAOB hasn't punished a public accounting firm for failures in its audits of brokers and dealers since 2016. After the Brodies posted their searing letter on their website in February, Citrin lashed back the following month. Citrin compounded its misconduct by concealing its failure to file the relevant returns and hampering Purolites efforts to mitigate the harm Citrin caused by refusing to provide necessary records in its possession so that Purolite could belatedly file returns and related tax forms with governmental entities. Please accept & submit to continue. Citrin's malfeasance caused Purolite to suffer substantial harm and required the company to hire new accountants and lawyers to remedy the breach the . As a result, Citrin Cooperman denied their request. from 8 AM - 9 PM ET. Complicating matters has been the resignation and silence of the former Citron accountant who once oversaw Purolites tax preparation. (Podcast). With over 18 years of experience in public accounting, Josh provides assurance and attestation, tax, and business consulting services to closely held businesses and private clients. NEW YORK, March 4, 2021 /PRNewswire/ -- The partners of Citrin Cooperman issued the following statement in response to a press release sent to numerous outlets by the principal shareholders of a former client, Brotech Corporation doing business as Purolite Corp., describing an ongoing litigation. Citrin Cooperman is an independent firm associated with Moore Global Network Limited. Their membership in, or association with, MNA or MGNL should not be construed as constituting or implying any partnership between them. Noting that countries have competed in a 30-year race to the bottom to slash corporate tax rates, the Biden administration wants to collaborate with other industrialized economies to establish a minimum tax. All Rights Reserved. Thats when Purolite learned that individual returns hadnt been filed for years. Citrin Cooperman & Company, LLP Case Summary On 11/09/2020 PricewaterhouseCoopers LLP filed an Other lawsuit against Citrin Cooperman Company, LLP. In hindsight, Citrins lies and other misconduct should not have been a surprise as it follows a pattern. Please accept & submit to continue. Rooted in our core values, we provide a comprehensive, integrated business approach to traditional services, which includes proactive insights throughout the lifecycle of our clients wherever they do business, across the globe. articles a month for anyone to read, even non-subscribers. A disgraced former partner for the prestigious Manhattan accounting firm Citrin Cooperman was carted off to serve at least three years prison today for embezzling almost a million dollars from. An important caveat: The combatants that Purolite paid taxes during the disputed years and the IRS isnt currently auditing the company. The campaign Purolite is now engaged in to damage the reputation of our firm is abhorrent and punitive. This case was filed in New York County Courts, New York County Civil Court located in Nassau, New York. citrincooperman.com, Laura F. Kucera,212-697-1000,https://www.citrincooperman.com/, Cision Distribution 888-776-0942 Finally, one place to get all the court documents we need. 2023 NYP Holdings, Inc. All Rights Reserved. AboutCitrinCooperman:CitrinCoopermanis among the largest, full-service assurance, tax, and business advisory firms in the United States, having steadily built its business serving a diverse and loyalclientelesince 1979. Purolite also recently issued a press release and engaged in targeted media outreach in further attempts to run a smear campaign against Citrin Cooperman. Become a well-honored tradition at Citrin Cooperman & amp ; Company, LLP more! Intimate stories of these businesses, as told by the players themselves been for. Association with, MNA or MGNL should not be construed as constituting or any. That was cut from May 1 to Aug. 1 as of Oct. 19 to Romania when Purolite learned individual... 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