DOJ and E&Y Decide on Nonprosecution Agreement with $123M in Penalties

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Wednesday, May 1, 2013
Author: 
Bruce Zagaris
Volume: 
29
Issue: 
5
Abstract: 

On March 1, 2013, Preet Bharara, the United States Attorney for the Southern District of New York, and other law enforcement officials announced that Ernst & Young LLP (“E&Y”) had admitted wrongful conduct by certain E&Y partners and employees in connection with the firm’s participation, from 1999 to 2004, in four tax shelters that were used by approximately 200 E&Y clients in an effort to defer, reduce, or eliminate tax liabilities of more than $2 billion.[1]