Former BigLaw partner admits underreporting his income by $2M
Posted Mar 6, 2013 7:27 AM CDT
By Debra Cassens Weiss
A former bankruptcy partner at Kirkland & Ellis pleaded guilty on Tuesday to four counts of tax fraud.
In a plea agreement, Theodore Freedman, 65, admitted underreporting his income by more than $2 million between 2001 and 2004, the New York Law Journal reports. He will be required to pay $671,000 to the Internal Revenue Service and $169,000 to the state of New York.
The government had also alleged that Freedman deducted expenses for a nonexistent solo practice, and he used Kirkland’s address as the address for the solo firm.
Freedman left Kirkland & Ellis in October 2010 and was indicted in July 2011. A law firm spokeswoman refused comment at the time, saying the allegations related exclusively to Freedman’s personal conduct.
Sentencing is set for Sept. 17 in New York federal court.