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.

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