We Jin Shon, a Canadian citizen who worked for the London branch of Morgan Stanley, also pleaded guilty to attempting to steal a further USD4.6 million via fraudulent tax refunds.

He has been obliged to pay $282,863 in restitution to the New York State Department of Taxation and Finance, according to an Associated Press report.

Speaking ahead of the trial, on the occasion of the launch of new focus on tax fraud Special Investigations Units in Buffalo, Rochester, Syracuse and Albany, Acting New York State Commissioner of Taxation and Finance Barbara G. Billet observed that:

"Tax cheats come from all walks of life and span the various taxes we administer at the Department of Taxation and Finance. The unfortunate reality is that a significant portion of the tax gap is attributable to those who choose to deliberately cheat. Some taxpayers fail to truthfully report income. Others inflate expenses, claim credits or deductions that they are not entitled to receive, or pocket the trust fund taxes such as sales and payroll withholding taxes that they collect on behalf of the state from their customers and employees. We take all of these tax crimes seriously and we are committed to prosecuting them vigorously. These are not victimless crimes."

She continued:

"Tax dollars fund important public services that benefit us all, including public safety services, healthcare, vital infrastructure and environmental protection to name but a few. When unscrupulous taxpayers fail to pay their fair share of the tax burden, legitimate taxpayers must pick up the slack. When crooked businesses evade their tax obligations, legitimate businesses are forced to operate at a competitive disadvantage. The simple truth is none of us is above the law, and while we will always work with taxpayers to bring them into compliance, we will not stand idly by while criminals brazenly defraud the public."