Paul L. Caron

Tuesday, October 31, 2006

NY Times: U.S. Goes on Offensive in KPMG Tax Shelter Case

Interesting article in today's New York Times:  U.S. Adding New Wrinkles in Shelter Case, by Lynnley Browning:

Federal prosecutors overseeing a huge tax shelter case against former employees of the accounting firm KPMG are seeking to introduce evidence that some of the defendants received secret payments from three little-known investment boutiques.

The move by federal prosecutors in Manhattan, outlined in a motion filed on Friday, is an effort by the government to bolster its complex criminal case against the 18 defendants, who are scheduled to stand trial in January. In the filing, prosecutors also disclosed that former accountants at the investment boutiques — the now-defunct Chenery Associates of San Francisco; the Diversified Group of New York; and Gramercy, a hedge fund in Greenwich, Conn. — are expected to testify on the government’s behalf. The prosecutors contend that the firms have been promoters of aggressive tax shelters.

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