A Chicago businessman has pleaded guilty to tax fraud conspiracy charges stemming from an agreement with a Chicago-based banker and tax shelter promoter to fraudulently obtain referral fees relating to tax shelter transactions.
Douglas Steger, former owner of American Financial Capital Corp., pleaded guilty in Manhattan federal court to the charges. The tax shelter promoter had worked for a bank in its Innovative Strategies Group. Members of the group were engaged in the design, marketing, and implementation of tax shelter transactions, including a transaction known as Hedge Option Monetization of Economic Remainder.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access