Tuesday, March 31, 2009
The DOJ Nails Another One
"A former BDO Seidman LLP manager pleaded guilty to criminal charges Tuesday in connection with an allegedly fraudulent tax-shelter scheme that allowed wealthy clients to avoid paying more than $200 million in taxes. At a hearing Tuesday, Adrian Dicker, a onetime BDO Seidman vice chairman and former manager of the firm's defunct Tax Solutions Group, pleaded guilty to conspiracy and tax evasion before US Magistrate Judge Theodore H. Katz. ... Prosecutors alleged Mr. Dicker, who retired from the company in 2000, and served on its board until 2003, worked with others in designing and marketing two fraudulent tax shelters--one known as the 'Short sale' transaction and another known as short options strategy, or SOS. The shelters were designed, marketed and implemented by BDO Seidman and the now-defunct law firm Jenkins & Gilchrist PC, with the assistance of an unnamed foreign bank, the government said. The tax-shelter transactions created more than $1 billion in fraudulent tax losses, prosecutors said", Chad Bray at the WSJ, 18 March 2009.
Why wasn't the bank named? Why is it being protected?