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KPMG fined $456m; 8 ex-Executives indicted for tax fraud

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  • 29-08-2005 11:01pm
    #1
    finfacts
    Closed Accounts Posts: 25 ✭


    Big 4 accounting firm KPMG has agreed to pay a huge fine for selling fraudulent tax shelters which helped clients evade $1.4 billion in US taxes.

    In Ireland, such shelters are termed "tax avoidance schemes."

    It is still inconceivable that Irish tax practioners who market similar schemes, would face the same fate as likely awaits the former senior execs of the US unit of KPMG.

    The firm has been forced to admit criminal wrongdoing to avoid the fate of then Big 5 firm Arthur Andersen in 2002 when it was criminallly indicted and soon collapsed.

    The firm's admission of wrongdoing is basically the kiss of death for the defense of its former staff.


    KPMG to pay $456m in tax scam case; 8 ex-Executives face criminal charges
    http://www.finfacts.com/irelandbusinessnews/publish/article_10003025.shtml


    Michael Hennigan


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    #2
    Guy:Incognito
    Registered Users Posts: 38,247 ✭✭✭✭Guy:Incognito


    My mam works for KPMG, she only does half days the last 5 or 6 years to collect my little brother from school. For the first time in my memory she did a full day today to do "extra work". Must ask her if this involved shredding documents :D


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