Federal prosecutors will not bring criminal charges against Ernst & Young for the firm’s sale of legally questionable tax shelters -- although that news probably brought little comfort to the four current and former partners of the Big Four firm who were indicted on charges of tax fraud conspiracy.

The E&Y employees -- Robert Coplan, Martin Nissenbaum, Richard Shapiro and Brian Vaughn -- were indicted by a federal grand jury on charges of conspiracy to defraud the Internal Revenue Service, tax evasion, making false statements to the IRS, and impeding and impairing the lawful functioning of the agency.

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