E&Y Partners Charged With Tax Fraud

Law360, New York (May 30, 2007, 12:00 AM EDT) -- A grand jury has indicted four Ernst & Young partners for allegedly designing tax shelters that helped wealthy clients defraud the Internal Revenue Service out of millions of dollars.

According to the indictment, which was unsealed Wednesday in the U.S. District Court for the Southern District of New York, the defendants marketed tax shelter transactions based on false and fraudulent factual scenarios to individuals making more than $10 million a year in taxable income.

“This prosecution further demonstrates our commitment to hold accountable tax professionals whose...
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