Two tax lawyers were indicted in an...

Two tax lawyers were indicted in an alleged fraud scheme that authorities said generated more than $200 million in phony tax deductions for investors. The 16-count federal indictment charged Michael P. Oshatz and Leonard A. Messinger with creating $890 million in allegedly fraudulent losses and interest expenses in government securities and precious metals trading. Those losses, in turn, allegedly created $50 million in bogus tax deductions for investors and an additional $150 million in phony losses that were sold to other entities and individuals, the indictment said.