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October 17, 2005

The Department of Justice, facing criticism for its indictments in the KPMG case, has responded by upping the ante. Ten more professionals were indicted today in connection with the case, raising the number of defendants to 19. The Wall Street Journal reports:

The indictment charges the former deputy chairman of KPMG, several former heads of the firm's tax practice, a former chief financial officer of the firm and a former associate general counsel, among others. The shelters were designed so that wealthy individuals who had large income or a large capital gain could eliminate taxes on that income or gain. The shelters were designed to look like legitimate investment transactions, but were in fact intended to generate phony tax losses, with no corresponding economic losses to the taxpayers, according to the charges.

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