AUSWR
The Association of U S West Retirees
 

 

 

Prosecutor:  Long jail time fitting (for two ex-KPMG execs)
Twenty-four year sentences are urged for two ex-KPMG execs convicted of selling illegal tax shelters.
By David Glovin, Bloomberg News
Denver Post
Friday, March 27, 2009

NEW YORK Two former KPMG executives convicted of tax fraud should receive prison terms of as much as 24 years when they come before a judge next week for sentencing, prosecutors said.

Robert Pfaff, a former partner, and John Larson, a former senior manager, were convicted Dec. 17 of selling illegal shelters that helped wealthy clients evade what prosecutors said were at least $100 million in taxes.  The two were acquitted of other charges.

"The defendants have been convicted of engaging in willful violations of the law on a truly massive scale," Assistant U.S. Attorney John Hillebrecht wrote in a legal brief filed Thursday in U.S. District Court.

Hillebrecht said Larson and Pfaff should each get from 19 years and six months to 24 years and three months.

The third defendant convicted at the same time, lawyer Raymond Ruble, a former partner at Brown & Wood LLP, should be sentenced to 15 to 19 1/2 years, Hillebrecht said.

The verdict, which the defendants said they will appeal, came in a case that narrowed significantly since 2005, when it began as the largest tax-shelter prosecution in U.S. history.

The government initially accused 17 former KPMG executives, including former deputy chairman Jeffrey Stein, and several others of selling shelters that cost the Treasury $2 billion.

http://www.denverpost.com/business/ci_12006445