Corporations and securities brief ~ Entrepreneur charged in $200 million tax evasion scheme
Amit Patel at 10:16 AM ET
[JURIST] Leading Tuesday's corporations and securities law news, telecommunications entrepreneur Walter Anderson, Washington business executive who earned nearly a half-billion dollars through off-shore ventures, was indicted in a $200 million income tax evasion scheme. The indictment charges Anderson with engaging in the elaborate tax evasion scheme, obstructing the IRS [official website], and defrauding the government by failing to pay taxes to the federal government and the District of Columbia. Anderson could face up to 80 years in prison. This is the largest personal tax evasion case ever brought by the Department of Justice [official website]. Read the Department of Justice press release. NBC News has more.
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- Qwest Communications International Inc. [corporate website] announced in an investor meeting [webcast] that it would cut up to 15,000 jobs if its attempt to acquire MCI Inc. [corporate website] is successful. The number is more than double the number of reductions proposed by Verizon Communications Inc. [corporate website] in its bid for MCI. Qwest is offering $8 billion to buy MCI. View Qwest's presentation [text, PDF]from the investor meeting. AP has more.
- JPMorgan Chase & Co. [corporate website] announced it will spin off its $13 billion private equity fund, JPMorgan Partners LLC, after clients complained the company was putting its interests ahead of theirs. JPMorgan Chase will, however, keep a similar unit acquired when it merged with Bank One Corp. Read the JPMorgan Chase press release. Reuters has more.
- Marsh & McLennan Cos. [corporate website], the world's largest insurance broker, announced a fourth-quarter net loss due to the $850 million settlement [Spitzer press release, PDF] with New York Attorney General Eliot Spitzer [official website] over bid-rigging charges. The company may also have to cut another 2,500 jobs. Read the Marsh & McLennan press release. Bloomberg has more.
- Gannett Co. Inc. [corporate website], the largest US newspaper publisher, announced it has fired PricewaterhouseCoopers as its accountant and hired Ernst Young [corporate website]. Reuters has more.
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