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Our Take Blog

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Our Take Blog
Financial Adviser Pleads Guilty in Tax Shelter Scheme

Financial Adviser Pleads Guilty in Tax Shelter Scheme

A financial adviser pleaded guilty to conspiracy to defraud the IRS and faces up to 5 years in prison for selling and participating in tax shelters marketed by a large national accounting firm. According to the indictment, the adviser’s firm marketed the shelter to clients and served as a general partner to sham investment funds designed solely to create tax benefits for the investor/clients through the use of swap transactions.

OUR TAKE: The US Attorney alleges that the adviser actually helped create and run the tax shelter trading vehicles rather than merely sell a structure created by a third party. However, this case should serve as a warning to advisers about the hazards of selling tax-driven products.

http://www.usdoj.gov/usao/nys/pressreleases/January09/boltoncharlespleapr.pdf
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