Rajaratnam Shelter Promoter Liable For Separate Penalties

Law360, New York (March 18, 2014, 9:52 PM ET) -- The U.S. Tax Court ruled Tuesday that a tax professional under scrutiny for promoting tax shelters to convicted insider trader Raj Rajaratnam and others is liable for accuracy-related penalties for his involvement in a separate scheme that was designed to skirt $25 million in taxes.

The court ruled James Haber, the sole shareholder of Humboldt Shelby Holding Corp., improperly claimed short-term capital loss deductions of more than $74 million during the 2003 tax year. The losses were generated through transactions that involved offsetting digital options that the...
To view the full article, register now.

Dewey Verdict Watch

Follow our exclusive coverage of the trial of the year:

Click here for the latest