In an update to my previous story about Stephen Yagman, the National Law Journal has reported that Yagman received three years in federal prison after being convicted earlier this year on bankruptcy fraud and tax evasion. Yagman will likely retire in prison: he is 63 years old.

Yagman was also sentenced to two years of supervised release after his prison term and ordered to pay the costs of his prosecution.

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Kelly Erb is a tax attorney, tax writer and podcaster.

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