2nd Circuit Upsets Fine Imposed in KPMG Tax Shelter Case
A judge's decision to impose a $6 million fine on a man convicted in the KPMG tax shelter case has been was vacated by the 2nd Circuit. The circuit said the fine levied against former investment consultant John Larson was $3 million more than the amount set by statute and could not have been imposed without a finding by a jury that Larson caused the requisite amount of pecuniary loss. The decision was the latest in a series by the circuit applying the U.S. Supreme Court's ruling in Apprendi v. New Jersey.
