A former Vanguard Group tax accountant from Wayne believes there’s a devious scheme of tax avoidance at work behind the scenes of the nation’s largest mutual fund company, and he’s filed a lawsuit accusing Malvern-based Vanguard of such.
Before being terminated last year, David Danon claimed his employer “operated as an illegal tax shelter for nearly 40 years, providing services to [its] funds at prices designed to avoid federal and state income tax, sheltering hundreds of millions of dollars of income annually, avoiding approximately $1 billion of U.S. federal income tax and at least $20 million of New York tax over the last 10 years,” according to a Philly.com report of the lawsuit.
A Vanguard spokesman refuted the allegations by arguing the case is without merit and the company follows the strictest ethical standards.
Read more about the controversy on Philly.com here.
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