January 23, 2017
Overseas Shipholding Group, Inc., Myles Robert Itkin
SANCTION AMOUNT: $5,075,000
Defendants: Overseas Shipholding Group, Inc.
Myles Robert Itkin
Case based on alleged failure of OSG to record material federal income tax liabilities in its financial statements from 2000 through the second quarter of 2012. It had made its controlled foreign subsidiary jointly and severally liable for certain debt, triggering a tax code provision that any such borrowed amounts are deemed dividends and taxable to the parent.
- Key Docs
- Official SEC press release