David Amir Makov, one of the remaining defendants in the KPMG tax shelter case, pleaded guilty in Federal District Court in Manhattan to one count of conspiracy to commit tax fraud and agreed to cooperate with prosecutors.
Makov described in a statement the work he did as an investment advisor at Presidio Advisory Services, which helped KPMG and a bank set up bogus tax shelters. The shelters, known as Bond Linked Issue Premium Structures, produced billions of dollars in artificial tax losses to offset gains in income. Makov also implicated two other principals at Presidio, John Larson and Robert Pfaff. They are set to go on trial next month.
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