Tax shelter partner pleads guilty

Tax shelter partner pleads guilty

Former KPMG partner admits guilt in tax shelter case

David Rivkin, a former KPMG tax partner, has pled guilty to conspiracy and
tax-evasion in relation to his work on allegedly phoney tax shelters for nine
clients.

Rivkin entered his plea in a New York court and faces up to five years in
jail, the Wall Street Journal reported.

He admitted to setting up the tax shelters by creating $235m (£134m) in
phoney tax losses helping his clients avoid paying taxes to the Inland Revenue
Services from 1999 to 2000. The deal increases pressure on the other 18
defendants scheduled to go to trial in the case.

Last year KPMG reached settlement with government prosecutors paying $456m
(£261m) in a deal that allowed the firm to avoid criminal indictment.

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