Ernst & Young Pays $123M To End Tax Shelter Case

Law360, New York (March 1, 2013, 6:09 PM EST) -- Ernst & Young LLP has agreed to pay $123 million to settle allegations its employees helped wealthy clients dodge more than $2 billion in taxes as part of a scheme that spawned criminal charges, Manhattan U.S. Attorney Preet Bharara said Friday.

The firm admitted in a civil nonprosecution agreement that some of its employees and partners allowed about 200 high net-worth clients to engage in illegal tax shelters between 1999 and 2004. E&Y prepared tax returns that showed false tax losses and later defended some clients...
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