Former Jenkens & Gilchrist Partner Pleads Guilty in Tax Shelter Fraud

Bloomberg, Chicago Lawyer Pleads Guilty in Tax-Shelter Fraud That Brought Down Firm :

A Chicago attorney pleaded guilty to conspiracy and tax evasion charges for his role in a billion- dollar phony tax-shelter scheme that brought down his law firm in 2007.

Erwin Mayer, 47, a former attorney at the defunct law firm Jenkens & Gilchrist, faces as long as 10 years in prison at his sentencing, scheduled for Feb. 10 before U.S. District Judge William H. Pauley in Manhattan.

“I am filled with shame and remorse for what I did,” Mayer said today in court.

Update :  As previously noted , tax shelters put Jenkins & Gilchrist out of business, despite videos like this (Hat Tip: Above the Law ):

October 20, 2010 in New Cases , News , Tax | Permalink

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These "flaws" pointed out by the author of this article provide for a lot of speculation and a factor that has no unit of measure. How does one measure "luck" to determine taxes and how much someone owes the rest of society? Until there is such a unit of measure, all calculations will be arbitrary.

The author also states that tax funded innovations contributed to prosperity. While this may be true on many levels it ignores the fact that many of our tax dollars do not go to innovation but to wasteful spending at the hands of our federal, state and local governments. I wouldn't refer to government spending as an investment in innovation.