Last of KPMG defendants found guilty

A federal jury yesterday convicted two former KPMG LLP executives and a tax lawyer of tax-evasion charges in one of the largest tax-shelter cases of all time, according to published reports.
DEC 18, 2008
By  Bloomberg
A federal jury yesterday convicted two former KPMG LLP executives and a tax lawyer of tax-evasion charges in one of the largest tax-shelter cases of all time, according to published reports. Found guilty were former KPMG tax partner Robert Pfaff and former senior tax manager John Larson, along with Raymond J. Ruble, a former tax lawyer at Brown & Wood, which is now known as Sidley Austin LLP of Chicago. Prosecutors spent more than three years making a case against an original group of 19 defendants — including 17 from KPMG — regarding the creation and sale of aggressive tax shelters for wealthy Americans that allowed them to evade hundreds of millions of dollars in taxes. Mr. Larson and Mr. Pfaff were convicted on 12 counts of tax evasion. Mr. Ruble was found guilty on 10 counts of tax evasion related to clients who evaded taxes through a vehicle known as a BLIPS tax shelter. Each of the three men was acquitted of conspiracy and one count of tax evasion. Mr. Ruble also was found not guilty on two counts of tax evasion. David Greenberg, a former tax partner at KPMG, was acquitted on the five counts of tax evasion that he faced. A conspiracy charge was dismissed against Mr. Greenberg earlier this month. The defendants are scheduled to be sentenced March 20, with each facing up to five years for each count. KPMG settled with the government for $456 million in 2005. The firm is based in New York.

Latest News

SEC chair says hedge funds may have to submit less data
SEC chair says hedge funds may have to submit less data

Paul Atkins wants agency staff to narrow the scope of filing requirements.

Retirees may need to be less cautious with investments, says Concurrent retirement expert
Retirees may need to be less cautious with investments, says Concurrent retirement expert

With balances in 401(k) accounts slipping, it’s even more important to maximize funds.

EdgeCo bolsters AmericanTCS unit with ERISApedia deal
EdgeCo bolsters AmericanTCS unit with ERISApedia deal

The NewEdge parent company's 10th transaction in the retirement space adds compliance and prospecting support capabilities for plan advisors and other intermediaries.

Wealthbox eyes next growth phase with $200M Sixth Street investment
Wealthbox eyes next growth phase with $200M Sixth Street investment

The top-rated advisor CRM provider is poised to broaden its footprint across the RIA and enterprise BD space with fresh funding for new AI features, expanded integrations, and deeper enterprise capabilities.

New York Attorney General Letitia James charges insurance agent with running $50 million Ponzi scheme
New York Attorney General Letitia James charges insurance agent with running $50 million Ponzi scheme

Miles Marshall was “the proverbial big fish in a small pond,” according to one attorney.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave