Agreement With Ernst & Young LLP to Pay $123 Million to Resolve Federal Tax Shelter Fraud Investigation – US Law News – Preet Bharara, the United States Attorney for the Southern District of New York, Steven Miller, the Acting Commissioner of the Internal Revenue Service (“IRS), and Tamar Ashford, the Deputy Assistant Attorney General for the Tax Division of the Department of Justice, announced today that Ernst & Young LLP (“E&Y”) has admitted wrongful conduct by certain E&Y partners and employees in connection with the firm’s participation, from 1999 to 2004, in four tax shelters that were used by approximately 200 E&Y clients in an effort to defer, reduce, or eliminate tax liabilities of more than $2 billion.

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