$1.3-billion tax-shelter scam alleged

June 5th, 2009

Two executives of a defunct Seattle fund manager and an L.A. attorney are indicted after a federal probe.

Los Angeles Times

Reporting from Seattle — Two principals of defunct Seattle investment management firm Quellos Group and a Los Angeles lawyer were indicted in a tax shelter scheme that allegedly created more than $1.3 billion in fraudulent losses for prominent clients, including media mogul and billionaire investor Haim Saban.

The operation was “one of the largest tax fraud schemes ever uncovered in this country,” U.S. Atty. Jeffrey C. Sullivan in Seattle said Thursday.

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