SEC
Whistleblower
Advocates

January 23, 2017

Overseas Shipholding Group, Inc., Myles Robert Itkin

Financial Fraud

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.

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