Brewer Client Former CFO Files Suit Alleging Corporate Valuation Fraud by CBIZ/Marcum and AmeriTex Leadership

July 1, 2025 – A high-stakes lawsuit filed yesterday in federal district court sheds light on how manipulated valuation reports can distort financial outcomes and erode trust across capital markets.  

Filed in the U.S. District Court for the Southern District of Texas, Houston Division, the case of former AmeriTex CFO Christopher Podlasek v. CBIZ Inc., CBIZ MAG LLC (NYSE:CBZ; formerly Marcum LLP) exposes how valuations can be used to whitewash unsavory business practices.  

At the heart of this suit is an accusation that Marcum knowingly produced a backdated valuation report to justify significantly undercutting the value of Podlasek’s equity in AmeriTex — a major infrastructure supplier whose rapid rise was engineered, in large part, by his leadership. As valuation professionals, CBIZ and its predecessors are specifically charged with upholding fair valuation practices that underpin both private and public markets.  

According to the complaint, “Independent valuations act as the surrogate for arm’s length negotiation in our economy. When that process is corrupted, it undermines the very confidence that underpins our financial markets. This case is not about a difference of opinion. It is about betrayal of duty, distortion of fact, and the failure of a firm that claims to stand for integrity. The public interest demands accountability.”  

Podlasek’s legal counsel, William A. Brewer III of Brewer, Attorneys & Counselors, states: “When a firm like Marcum abandons that responsibility, it undermines the credibility of every arms-length transaction across public and private markets.”

With trillions in public-market assets relying on accurate valuations, each flawed report chips away at investor confidence. 

The complaint alleges that Marcum, under pressure from AmeriTex leadership, rubber-stamped financial projections that violated appraisal standards — ultimately valuing the company at $789 million despite earlier internal estimates of up to $3 billion. 

Brewer adds, “This case carries significant implications beyond the parties involved. It highlights broader concerns about the integrity of valuation services in private equity, public infrastructure, and capital markets at large.” 

This case urges regulators, investors, and industry participants to insist on the highest standards of professional integrity.