Note that one of the offenders was an officer of KPMG. I wonder who vetted his promotions?
8 ex-KPMG execs indicted; firm to pay fine
By ERIN McCLAM Associated Press Writer
Aug 29, 4:30 PM EDT
NEW YORK (AP) -- Eight former executives of KPMG were indicted Monday 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.
Among those charged was Jeffrey Stein, who was named deputy chairman of KPMG in April 2002. His lawyer did not immediately return a call for comment.
Tuesday, August 30, 2005
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