Grant Thornton Must Pay $100M In Tax-Shelter Fraud Case

Law360, New York (November 18, 2013, 4:10 PM EST) -- A Kentucky judge has ordered accounting giant Grant Thornton LLP to pay hotelier Bill Yung over $100 million in damages, after the company knowingly sold him a bogus offshore tax shelter that the Internal Revenue Service later found to be abusive.

On Nov. 8, Kentucky Circuit Court Judge Patricia Summe found that Grant Thornton's fraud spanned from 2000 to the end of the monthlong trial, and that the accounting firm harmed Yung's reputation and prevented his hotel company, Columbia Sussex Corp., from receiving licensure from the...
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