A year ago, the Big Law community was abuzz over news that a federal investigation of illegal tax shelters for multimillionaires had homed in on at least five law major firms. Two of those firms — Sidley Austin and the now-closed Jenkens & Gilchrist — paid hefty fines to avoid criminal charges.
Since then, there have been few developments in the matter. But on Thursday, former Arnold & Porter partner Peter Cinquegrani, 48, pleaded guilty to tax fraud charges that sprang out of the investigation. In exchange for his plea, Cinquegrani will receive a maximum prison sentence of five years.
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