5 Times Square - Ernst & Young

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http://www.bloomberg.com/news/2013-03-01/ernst-young-to-pay-123-million-to-end-tax-fraud-probe.html

"Ernst & Young LLP will pay $123 million to resolve a U.S. tax-fraud probe as part of a non- prosecution agreement, according to a statement by the Manhattan U.S. Attorney’s Office.
The accounting firm “admitted wrongful conduct” by its partners and employees in connection with four tax shelters from 1999 to 2004, according to yesterday’s statement. About 200 Ernst & Young clients used the shelters to try to avoid more than $2 billion in taxes, prosecutors said.

In addition to the money and the admissions, Ernst & Young agreed to a series of permanent restrictions on its tax practice and will continue to cooperate with the government’s tax-shelter investigation. The firm’s cooperation began in 2003, according to the statement. In exchange, prosecutors agreed not to charge the firm in connection with the case. The non-prosecution agreement doesn’t cover individual Ernst & Young partners and employees, according to the statement."