New charges to be filed in KPMG tax fraud investigation

[JURIST] Federal prosecutors said Tuesday that they planned on filing new charges against about a dozen suspects who are allegedly involved in the sale of questionable tax shelters by accounting firm KPMG [corporate website]. Prosecutors discussed the ongoing investigation at the arraignment of nine defendants charged last month for conspiracy to devise and sell fraudulent tax shelters, all of whom pleaded not guilty. The questionable tax shelters were sold to 350 people, costing the government at least $1.4 billion. KPMG reached a settlement [JURIST report] with federal prosecutors last month, agreeing to pay a $456 million penalty and accepting limits on the scope of its tax practice. Wednesday's New York Times has more.

 

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