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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.