RSS feedsFormer clients are suing the US arm of Big Four firm Ernst & Young after claiming it defrauded them and other taxpayers of millions of dollars through failed tax shelters.
Florida couple Rocco and Mary Abessinio claim to have owed more that $40m (£23m) from pursuing a false tax strategy, costing more that $5.9m in fees, according to Reuters.
The complaint accuses E&Y of marketing a tax strategy, involving the creation of a 'personal investment company', or PICO, that had 'no legitimate purpose other than as a vehicle for tax avoidance.'
The complaint is seeking class-action status as it argues the firm sold at least 90 PICO products.
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