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December 5, 2022

Accounting News Roundup: London’s Kickbacks Totaled $70k; Citi Has Tax Credits to Burn; Bingo Fraud Bounces Finra Official | 06.18.13

Former KPMG Partner Scott London: I Got About $70,000 in Kickbacks [CNBC]
"I know I betrayed them," London said in an exclusive interview with CNBC outside of court. London did not deny any of the charges that federal authorities have laid out against him. But he insisted this is the only time in his career he ever broke the law. "I had a clean record," he said. London said he believes the case began after he talked about work during "discussions at dinner and so forth" with his former friend and golfing buddy Bryan Shaw. "I might say something casual about a certain client, and the individual may have traded on that, unbeknownst to me." Later, he did become aware Shaw was trading on his tips, and London said he provided more information, eventually accepting $50,000 in cash, jewelry and a Rolex watch in exchange, which he said totaled about $70,000.

Why Citi wants to rack up U.S. taxes [Reuters]
The bank is not feeling generous — it is just looking to use up $55 billion of tax credits and deductions, known as deferred tax assets, as of the end of March.

House GOP: We can move tax reform bill without Dem votes [The Hill] 

Republican tax writers in the House say they’re willing to move a tax reform bill out of the Ways and Means Committee without Democratic votes. Top GOP members of the panel acknowledge that passing a bipartisan product would give the House more leverage and stress they’re still looking to win over committee Democrats. But Republicans also maintain that some of the major differences between the two parties on tax policy — especially whether a rewritten code should raise more revenue — aren’t likely to be solved at the committee level. With that in mind, Republicans say that even though a tax reform bill will have to be bipartisan to eventually gain President Obama’s signature, that doesn’t mean every vote along the way needs to be bipartisan.

G-8 Summit turns focus to clampdown on tax-dodging [AP]
British Prime Minister David Cameron, host of the two-day G-8 summit at a remote lakeside golf resort in Northern Ireland, promised "significant developments on tax" in a tweet before a morning discussion on the subject with the leaders of the United States, Germany, Russia, France, Italy, Canada and Japan.

Finra Regulator Resigns After 1993 Bingo Fraud Is Leaked [Bloomberg]
A top official for the Financial Industry Regulatory Authority resigned after the agency was informed he was indicted for felony theft and charitable bingo fraud in 1993, the year he joined the agency. Mitchell C. Atkins, a senior vice president who managed Finra’s work in 11 states, quit after spending 20 years with the brokerage industry self-regulator and its predecessor. A Wisconsin broker who was the target of enforcement actions overseen by Atkins wrote Finra about the indictment on May 21. 

Brookfield accounting firm Kolb+Co. to merge into Rockford, Ill.-based Sikich [MJS]
Welcome to Wisconsin, Sikich.

Wash. DUI suspect hands cops a beer, claims to be gov't assassin [KATU]
Arriving at the scene, officers spotted the man walking out of the store toward his car with a can of beer in his hand. Several witnesses told police they had seen the man drive into the parking lot and became concerned when they saw how drunk he appeared to be. But when officers asked the man for his driver's license, he said he didn't have to cooperate in any way and then handed the officers the can of beer, Lowery said. He said officers were somewhat surprised by that.

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