AmLaw: Tax Shelter Case that Snared Arnold & Porter Partner Not Done Yet, by Zach Lowe:
A year ago, the legal community was abuzz over news that a federal investigation of illegal tax shelters for multi-millionaires had homed in on at least five major law firms. Two of those firms — Sidley Austin and the now-closed Jenkens & Gilchrist — paid hefty fines to avoid criminal charges. Since then, there have been few developments in the matter. But on Thursday, former Arnold & Porter partner Peter Cinquegrani, 48, pleaded guilty to tax fraud charges that sprang out of the investigation. In exchange for his plea, Also on Thursday, the IRS announced that as part of an earlier settlement, Cinquegrani’s old firm … had paid an undisclosed fine to avoid prosecution. …
Cinquegrani’s plea and Arnold’s payment leaves at least two firms still squarely in DOJ’s crosshairs: Proskauer Rose and Locke Lord Bissell & Liddell.
