Four current and former tax partners at Ernst
& Young have been charged by a US grand jury with tax fraud conspiracy.
The four are alleged to have marketed fraudulent tax shelters to wealthy
clients who would otherwise have owed the IRS
more than $10m (?5m) apiece.
The four charged are former partners Robert Coplan and Brian Vaughn, and
current partner Martin Nissenbaum and Richard Shapiro, who are on administrative
They all worked in a group set up by E&Y in 1998 to develop and sell tax
shelters for the rich, known as
Ideas Produce Extraordinary Results, or Viper.
All are expected to plead not guilty
E&Y said in a statement: ‘The individuals who were indicted . . . were
part of a small group within the firm, disbanded years ago . . . Ernst &
Young has voluntarily made many changes and enhancements to our tax practice.’
The average cost of fraud increased 35.4% to £3.9m in 2016, compared to 2015 data
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Satvir Bungar promoted to managing director in the mergers and acquisitions team
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