TaxProf Blog

Editor: Paul L. Caron
Pepperdine University School of Law

Monday, October 17, 2005

Ten More Indicted in KPMG Tax Shelter Probe

The Associated Press reports:

A federal grand jury indicted 10 more people associated with accounting firm KPMG on Monday in a case alleging that bogus tax shelters the company sold helped rich clients avoid billions of dollars in taxes. KPMG's former chief financial officer, Richard Rosenthal, was among the latest group under indictment. Prosecutor Justin Weddle told U.S. District Judge Lewis Kaplan that the superseding indictment brought charges against nine men and a woman, raising to 19 the number facing trial. Nine defendants charged in the case several weeks ago have already been freed on bonds ranging from $300,000 to $3.5 million. The revised indictment includes 39 counts of tax evasion and two obstruction of justice counts.


Update: For a copy of the 69-page superseding indictment, see here.

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