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Aug 1, 2007 12:00 PM
Jenkens & Gilchrist: Another Shoe to Drop?
When Jenkens & Gilchrist, the 56-year-old national law firm based in Dallas, closed its doors for good in March of 2007, it also seemed to mark the end of one of the nation's highest profile tax scandals. Jenkens, specifically its Chicago tax practice, had been a leader in promoting and writing opinion letters for tax shelters, some of which were allegedly fraudulent. Though the firm previously had reached a civil settlement with tax shelter clients, Jenkens still was facing a federal criminal investigation. Then, finally, under an agreement reached with the government, the Department of Justice Tax Division would not criminally prosecute Jenkens for crimes related to the shelters and, in turn, the firm agreed to pay the Internal Revenue Service a $76 million penalty.
Despite the agreement, the tax shelter case continues to reverberate. Although the defunct Jenkens is finally off the hook, the same cannot necessarily be said for all its former partners. While the prosecutors have not said they might indict anyone connected to the case, the agreement did contain a deferred prosecution provision that does not protect Jenkens' shareholders, partners or employees — including the partner central to Jenkens' tax shelter practice: Paul Daugerdas.
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