Sunday, December 27, 2009

KPMG to Pay $456 Million for Criminal Violations Before Taking a Walk with the President

President Obama walking on Pyramid Rock beach on Marine Corps Base Hawaii in Kaneohe Bay, Hawaii, on Saturday, December 26, 2009.,,id=146999,00.html

KPMG to Pay $456 Million for Criminal Violations

(Additional Link: Statement by IRS Commissioner Mark W. Everson
IR-2005-83, Aug. 29, 2005

WASHINGTON — KPMG LLP (KPMG) has admitted to criminal wrongdoing and agreed to pay $456 million in fines, restitution and penalties as part of an agreement to defer prosecution of the firm, the Justice Department and the Internal Revenue Service announced today.
In addition to the agreement, nine individuals—including six former KPMG partners and the former deputy chairman of the firm—are being criminally prosecuted in relation to the multi-billion dollar criminal tax fraud conspiracy. As alleged in a series of charging documents unsealed today, the fraud relates to the design, marketing, and implementation of fraudulent tax shelters.

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