E&Y sued over failed tax shelters
Florida couple claim they lost out through firm's strategy on personal investment companies
Florida couple claim they lost out through firm's strategy on personal investment companies
Former clients are suing the US arm of Big Four firm Ernst & Young after
claiming it defrauded them and other taxpayers of millions of dollars through
failed tax shelters.
Florida couple Rocco and Mary Abessinio claim to have owed more that $40m
(£23m) from pursuing a false tax strategy, costing more that $5.9m in fees,
according to Reuters.
The complaint accuses E&Y of marketing a tax strategy, involving the
creation of a ‘personal investment company’, or PICO, that had ‘no legitimate
purpose other than as a vehicle for tax avoidance.’
The complaint is seeking class-action status as it argues the firm sold at
least 90 PICO products.
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