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Peter T. Loftin is not a happy telecom tycoon. The IRS is auditing him. He's acknowledged owing millions of dollars in back taxes, interest and possible penalties. Now, Loftin has sued his former accountants and bankers, KPMG and First Union National Bank, in federal court in Florida, saying they induced him into sinking $30 million into illegal tax shelters that have since become the focus of an IRS fraud crackdown.
January 17, 2003 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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