Financial firms helped offshore funds, foreign investors avoid taxes, says U.S. Senate

Fri Sep 12, 2008

A number of investment banks and brokerage firms knowingly helped foreign investors, including offshore hedge funds, avoid taxes on U.S stock dividends, a Senate subcommittee said this week. The allegedly fraudulent transactions helped these foreign investors avoid billions of dollars of taxes, according to a report released late Wednesday night by the Senate's Permanent Subcommittee on Investigations.

The report says that the subcommittee reviewed practices...


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