Harris myCFO

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Harris myCFO is a financial services business providing financial management, accounting and tax services. Its predecessor company was founded as myCFO in 1999 by Jim Clark to help wealthy Silicon Valley individuals manage their complex finances and taxes. Its original board of directors included Cisco Systems Chief Executive John Chambers, former Netscape CEO Jim Barksdale, venture capitalist John Doerr, and @Home Network CEO Tom Jermoluk. [1]

Most of myCFO's assets (including its name), operations, and client base were acquired by Harris Bank in 2002 [1] which is currently operating as Harris myCFO, and continues providing the same financial management, accounting, and tax services for wealthy individuals worldwide.

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In 2006, myCFO was implicated in a federal investigation involving questionable tax shelters.[2][3] [4] In July of 2005, the American Arbitration Association ruled against myCFO and its partners for its involvement. [5] . On February 13, 2008, a federal trial court delivered a criminal conviction on Graham Taylor, a tax attorney associated with myCFO; Taylor had pled guilty on January 24, 2008 to conspiracy and aiding in the filing of a false tax return.[6]. Taylor is formerly of the LeBoeuf Law firm who was used by myCFO selling tax shelter products. The tax accountants and attorneys, including Taylor, convicted in 2008, had been indicted in November 2005, for conspiring to defraud the United States and to commit mail fraud and wire fraud, including tax evasion and assisting in the filing of false tax returns.[7]

[edit] References

  1. ^ 2002 CNet News article on Harris Bank acquiring myCFO.
  2. ^ Focus Moves To One Shelter In Tax Inquiry. The New York Times (11 July 2006). Retrieved on 2008-04-08.
  3. ^ 2007 Wall Street Journal Front Cover Investigative Report on myCFO, with source reference links.
  4. ^ 2007 Reprint of Wall Street Journal Article about myCFO.
  5. ^ 2005 American Arbitration Association ruling against myCFO.
  6. ^ 2008 DOJ Release regarding myCFO-associated tax attorney Graham Taylor who plead guilty and was then convicted of conspiracy and aiding filing a false tax return.
  7. ^ 2008 DOJ Criminal Conviction of multiple Tax Accountants and Tax Attorneys of conspiracy and aiding filing false tax returns.

[edit] External links

BMO Bank of Montreal

Chief Executive Officer: Bill Downe | FY 2005 Statistics: Net Income: $2.4 billion CAD (▲4%) | Market Capitalization: $28.9 billion CAD | Assets: $297.5 billion CAD | Employees: 33,785 | Stock Symbols: TSX: BMO NYSE: BMO | Website: www.bmo.com
Major Brands by Financial Service
Master: BMO | Canadian Banking: BMO Financial Group | U.S. Banking: Harris and Harris myCFO | Canadian Mutual Funds: BMO Mutual Funds and Guardian Group of Funds | Canadian Self-Service Investing: BMO InvestorLine |Canadian Full-Service Investing: BMO Nesbitt Burns | U.S. Brokerage: BMO Harris Investor Services | Canadian Insurance: BMO Life | Research: BMO Capital Markets