Posts tagged as:

tax-shelter

Show Biz Lawyer Finally Sentenced in Massive Fraud Case

11 June 2011

The bizarre saga involving former Hollywood tax attorney Matthew G. Krane appears to finally have come to a close. Krane was sentenced yesterday to 2-1/2 years in federal prison for his role in a tax shelter scheme. Krane had pleaded guilty in 2009 to evading tax by failing to claim $36 million in undeclared income [...]

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Deutsche Bank Settles Tax Shelter Case

22 December 2010

The IRS is on a tear with the big banks. First UBS, now Deutsche Bank (DB). The eight year investigation into UBS’ role in assisting US taxpayers commit tax fraud has been resolved and the tab isn’t as bad as originally feared. DB agreed to pay $553 million in fees and penalties; that amount represents [...]

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Lights, Cameras, Plea Agreement!

14 December 2009

It sounds like something right out of Hollywood: a lawyer takes a kickback in exchange for setting up wealthy clients in a multi-billion dollar tax loss-generating scheme. He then applies for a false passport using an assumed name – which passport is found, along with crystal meth, date-rape drugs and horse tranquilizers, inside his home. [...]

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Former Jenkens & Gilchrist Tax Attorneys Indicted

10 June 2009

I know, I know. This doesn’t even feel like news. We’ve seen it coming for awhile now, ever since this little gem appeared on the Jenkens & Gilchrist web site in 2007: At the time of the closing, Jenkens agreed to pay a civil penalty of $76 million and cooperate with the IRS and the [...]

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Ernst & Young Partners Found Guilty on All Counts

9 May 2009

The crackdown on tax shelters continues with a Manhattan jury finding four members of the Ernst & Young accounting firm guilty of all criminal charges following a ten week trial. The four, Robert Coplan, Martin Nissenbaum, Richard Shapiro, and Brian Vaughn, worked in the SISG (Strategic Individual Solutions Group) set up by Ernst & Young [...]

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Feds Finally Get (Some of) Their Men: 3 KPMG Defendants Convicted

18 December 2008

It had been billed as the “largest tax fraud ever” by the feds and the trial was set to teach those that set up illegal tax shelters a lesson. And then it all went very, very badly. Defendants in the case asked the judge to throw out the charges against them when it was revealed [...]

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Indictments, Kickbacks and Pleas, Oh My!

15 December 2008

Jay Gordon, the former chair of the tax practice at Greenberg Traurig, has pleaded guilty to two counts of obstructing the due administration of the internal revenue laws, and conspiracy to defraud the IRS and to violate the tax laws. Gordon revealed his “misconduct” to Greenberg in 2004 and resigned from the bar two years [...]

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Sidley Austin Lives to See Another Day

23 May 2007

…Unlike Jenkens Gilchrist, which folded after being hit with penalties related to tax advice involving tax shelters that the Internal Revenue Service found to be abusive. The IRS announced today that it has reached a settlement with the law firm of Sidley Austin LLP, the successor firm of the 2001 merger between Sidley & Austin [...]

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