CHICAGO (AP) — A Chicago tax lawyer has been barred from promoting tax shelter that federal officials say use distressed Brazilian debt to improperly lower customers' reported income.
Federal prosecutors said Tuesday that a federal judge signed a civil injunction against John Rogers and two of his companies, Sugarloaf Fund LLC and Jetstream Business Limited. Federal officials say Rogers has consented to the injunction without admitting the allegations against him.
Federal prosecutors accuse Rogers of using three schemes to falsely tell U.S. customers that the Brazilian debt was highly valuable. A lawsuit alleges that Rogers' tax shelter schemes generated more than $370 million in improper tax deductions.
The court has ordered Rogers to mail copies of the injunction to anyone involved in any transactions during or after 2003.
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