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SHEPPARD: PROSECUTION OVERREACHED ON KPMG PARTNER INDICTMENTS

August 01, 2006

Lee Sheppard has an important piece in Tax Analysts today ($link) where she finds the prosecution case in the KPMG partner indictments wanting. She concludes:

What we may have here is another Martha Stewart case if the government loses a civil case on the underlying shelter. That is, we could have charges of conspiracy to defraud the United States by means of obstruction and false statements sustained against the Stein defendants even though there was no underlying crime. Judge Kaplan should dismiss the tax evasion charges in the superseding indictment, if not the whole thing.

Ms. Sheppard isn't known for sympathy with shelter promoters. It's a bad sign for the prosecution if they have lost her. If you have a subscription to Tax Analysts, the piece is worth the read.


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