Joe Francis Going After Accountant

(TMZ) Joe Francis claims his former accountant almost ruined him financially by fraudulently getting him involved in some bogus tax shelters and promising the IRS would be A-OK with it .... and it cost him more than $12 million and possibly a lot more.

According to the lawsuit, obtained by TMZ, the accounting firm, BDO Seidman, admitted to criminal conduct over the tax shelters and agreed to pay fines of $50,000,000.

Joe is seeking more than $20 million in damages, which might make a dent in the $40 million he owes Steve Wynn after losing a defamation lawsuit. more on this story

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