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Accounting firm executives charged with tax fraud
Breaking Legal News |
2007/05/31 08:35
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| US federal prosecutors unsealed an indictment Wednesday charging four current and former partners of "Big-Four" accounting firm Ernst & Young with tax fraud. The indictment alleges that the defendants created tax shelters through development of "false and fraudulent factual scenarios", and marketed them to individuals with taxable income generally exceeding $10-20 million. The four are charged with a number of violations, including conspiring to defraud the IRS, tax evasion, making false statements, and impeding and impairing the lawful functioning of the IRS. Prosecutors decided against bringing criminal charges against Ernst & Young itself. Lawyers for the two present Ernst & Young partners, Richard Shapiro and Martin Nissenbaum, said in statements that their clients had not engaged in any wrongdoing, and were cooperating with authorities. Lawyers for former partners Robert Coplan and Brian Vaughn have not yet commented on the case. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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