Thursday, December 18, 2008

Jury finds three guilty in KPMG tax shelter case

A federal jury has found two former KPMG executives and a tax lawyer guilty of multiple accounts of tax evasion and acquitted a former KPMG partner in a case involving the creation and sale of tax shelters to wealthy Americans.

The government's high-profile case suffered many setbacks, including the judge's decision in 2006 to throw out charges against 13 other defendants because the government had applied pressure to KPMG to stop paying their legal bills.

KPMG settled with the government for $456 million in 2005.

See "Former KPMG executives convicted of tax evasion."