Ex-Deutsche Bank Accountant Gets 42 Months in Tax Fraud

Tax & Business Calculator

David Parse, a former Deutsche Bank accountant, was sentenced to three and a half years in prison for his role in what prosecutors claim is the biggest criminal tax-fraud prosecution in history.

Bloomberg reports that Parse, 51, was convicted in 2011 of mail fraud and obstructing the Internal Revenue Service as part of a scheme to market fraudulent tax shelters that the U.S. said cost the Treasury more than $230m in lost taxes. He was sentenced Friday by U.S. District Judge William Pauley in Manhattan.

'Parse played a central and longstanding role in the criminal scheme', Pauley said before announcing the sentence.

Parse was accused of being a key actor in a fraud that created more than $7bn in illegal tax deductions and benefits. He made $3m in commissions from the fraud, according to the government.

In addition to the prison time, Pauley sentenced Parse to three years of supervised release, $115.7m in restitution and $1m forfeiture.

Prosecutors had urged Pauley to give Parse a similar sentence to the eight-year prison term he handed former Jenkens& Gilchrist lawyer Donna Guerin this month.

Hit the link below to access the complete Bloomberg article:

Ex-Deutsche Bank Accountant Gets 3 1/2 Years in Tax Fraud

John Thomas’s Belesis Aided Hedge-Fund Fraud, SEC Claims

BlackRock’s Thorne to Leave as Firm Exits Direct Buyouts

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts