Posted Oct 04, 2011 05:39 pm CDT
A former partner at two well-known Chicago-based law firms has reached a settlement with the U.S. Department of Justice concerning alleged sham tax shelters involving distressed foreign debt.
John E. Rogers will stop promoting the tax shelters to clients as part of his pact in the Chicago federal district court suit. And he will also turn over to the DOJ the names of his clients dating back to 2003, reports the Chicago Tribune.
Now at the helm of his own firm, the Harvard Law School graduate was a partner of Altheimer & Gray prior to 2003, and became a partner of Seyfarth Shaw after the Altheimer firm folded. Seyfarth partners asked him to leave in 2008 when he continued selling tax shelters despite an agreement not to do so , the newspaper says.
Additional and related coverage:
ABAJournal.com: “DOJ Sues Ex-Seyfarth Partner for Alleged Sham Tax Shelters”
ABAJournal.com: “Tax Court Finds Shelters Promoted by Former Seyfarth Lawyer Are Invalid”
Forbes: “Bad tax ideas, like viruses, tend to mutate and claim new victims.”
Forbes: “Government Alleges Harvard Law Grad Promotes Abusive Tax Shelters”
Forbes: “Appeals Court Nixes Billionaire Beal’s $1.1 Billion Tax Shelter”