Monday, October 17, 2005

Tax cheats

Nine new KPMG officials, including the former CFO, were named today in a criminal indictment on charges of tax-shelter fraud.
U.S. regulators said in a statement this is now believed to be the largest criminal tax case ever filed, which generated at least $11 billion in fraudulent phony tax losses and resulted in at least $2.5 billion in tax evaded by wealthy individuals.

KPMG said in a statement, "All of the nine individuals who received indictments today separated from the firm at an earlier time. Therefore, since the indictments do not involve the firm, it would be inappropriate for KPMG to comment further."
Yeah, since we fired 'em we don't think we need to dicuss it further. In spite of the fact that they (allegedly) designed, marketed and implemented the illegal tax shelters for KPMG clients while employed by KPMG.

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