Report commissioned by Feds accuses Caterpillar of tax fraud - WEEK.com: Peoria-area News, Weather, Sports

Report commissioned by Feds accuses Caterpillar of tax fraud

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PEORIA, Ill. (WEEK) -- -

A report commissioned by the federal government and released on Wednesday accuses Caterpillar of tax and accounting fraud.

The New York Times said a report compiled by Dartmouth College accounting professor Leslie Robinson concluded Cat did not comply with U.S tax laws or financial reporting rules in a deliberate effort to maintain a higher share price. A copy of the report could not immediately be obtained by 25 News/HOI News. 

Three Peoria-area Caterpillar facilities were raided by federal agencies last week in connection with an ongoing investigation into alleged profit shifting to a Swiss subsidiary to pay a lower tax rate. 

Robinson's report was based on public filings and internal financial data, as well as bank data on wire transfers to Switzerland from the U.S. 

A Caterpillar spokeswoman told the New York Times the company has not seen the report and declined to comment further. 

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