The New York Law Journal reported today that Dallas-based law firm Jenkens & Gilchrist has reached a deal with the SEC over charges related to the firm’s development and marketing of illegal tax shelters. The firm willa void criminal prosecution under the deal, but, having lost approximately two thirds of its lawyers, plans to shut down. There can be little doubt that the firm’s significant involvement in the development and marketing of the fraudulent tax shelters caused damage to its reputation, along with a substantial loss of confidence on the part of clients and potential clients, that went far beyond what it would have endured had its role been limited to offering legal opinions and other related legal services to tax shelter developers and promoters. In any event, this is a sad end for the Jenkens firm, and is perhaps an example of an old maxim at work – pigs get killed, hogs get slaughtered.
Dallas Law Firm Settles Tax Shelter Charges With the SEC and Plans to Close Its Doors
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Am I reading more about these things, only since I have recently been scammed myself?
Are they happening more, are they being prosecuted more, or is it just the blogosphere making them more visible?