Ex-KPMG executives indicted

[Judi Lynn]

Ex-KPMG executives indicted

The Associated Press Aug 30, 2005


NEW YORK -- Eight former executives of KPMG were indicted yesterday as the Big Four accounting firm admitted it had set up fraudulent shelters to help rich clients dodge billions of dollars in taxes.

The firm, mindful of how criminal charges wrecked competitor Arthur Andersen in an Enron-related accounting scandal, avoided an indictment but agreed to pay $456 million in penalties.

The Department of Justice called it the largest criminal tax case ever filed and said the KPMG scam allowed the firm's clients to avoid paying $2.5 billion in taxes.

Internal Revenue Service Commissioner Mark W. Everson said the firm's conduct had exceeded "clever lawyering and accounting" and amounted to plain theft from the people.
(snip/...)

http://www.timesdispatch.com/servlet/Satellite?pagename=RTD%2FMGArticle%2FRTD_BasicArticle&c=MGArticle&cid=1031784745509&path=!business&s=1045855934855

[Tace]

1. So, Of Course They're Going After The $2.5 Billion, Right?

NOT! Fucking scam.