An especially ambitious advisor has been convicted on nine tax counts as well as contempt of court for filing fake IRS returns for his clients while skipping his own taxes.
Kevin Mahoney seems to have generated more than $50 million in false tax refunds, including some six-digit checks for himself.
That was when he filed a personal return at all.
IRS records showed that he skipped 1996 through 2001 and then tried to pay a $2 million assessment with fake checks, third-party loans, and other worthless paper.
The activities were especially egregious given the fact that Mahoney had already been banned from tax work since 2002.
He has yet to be sentenced but could face jail time.
Mahoney dropped all his securities registrations in 2006 in the wake of a bankruptcy filing but went on practicing "estate planning" and other specialties under various corporate identities.