A former accountant at bank HVB Group pleaded guilty in the first prosecution arising from a Senate investigation of tax shelters.

Domenick DeGiorgio pleaded guilty to defrauding the Internal Revenue Service and to charges of wire fraud, tax evasion and conspiracy. Although KPMG LLP was not named by federal prosecutors in U.S. District Court in Manhattan, the tax shelter DeGiorgio admitted selling was known as a "bond linked issue premium structure," one of the types of shelters Senate investigators have said were created and sold by KPMG.

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