Former Quellos Unit Faces More Tax-Shelter Scrutiny

Law360, New York (April 30, 2007, 12:00 AM EDT) -- As investigators continue to delve into the tax shelter scandal, federal prosecutors have turned their eyes toward a now-defunct subsidiary of Quellos Investments over its sale of invalid tax shelters to wealthy investors.

On Thursday, the inquiry was disclosed at a court hearing held in conjunction with a civil lawsuit filed by Steve Puckett, the former CEO of a North Carolina medical company, against Quellos and others over the illegal tax shelters.

“I can confirm that the company has had an inquiry and we are cooperating,”...
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