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Saturday, August 28, 2010

2d Cir. Upholds KPMG BLIPS Tax Shelter Convictions

The Second Circuit on Friday upheld the convictions former KPMG tax partner Robert Pfaff, former KPMG senior tax manager John Larson, and former Sidley Austin partner Raymond Ruble of tax evasion in connection with the sale of BLIPS tax shelters.   The court, however, reduced Mr. Larson's fine by 50% (to $3 million).  United States v. Pfaff, No. 09-1702 (2d Cir. Aug. 27, 2010). (Bloomberg, Reuters)

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