Two tax shelter promoters were found guilty of conspiracy to commit wire fraud, aiding and assisting the filing of false tax returns and subscribing to false returns, and one was also convicted of money laundering. The defendants, Jack Fisher and James Sinnott, marked and sold abusive syndicated conservation easement tax shelters to high-income clients promising their clients they could deduct more than four times what they paid. They created false documents including false appraisals which in turn lead to fraudulent tax returns to clients who purchased units in the illegal tax shelters. Fisher and Sinnott sold more than $1.3 billion in fraudulent tax deductions through this scheme and now face a penalty ranging from three and 20 years in prison for each count of the conviction.
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