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NATIONAL SEC. SYSTEMS, INC. v. IOLA

Nos. 10-4154, 10-4155.

700 F.3d 65 (2012)

NATIONAL SECURITY SYSTEMS, INC.; Steven Cappello; Universal Mailing Service, Inc.; Michael Maroney, Sr.; Michael Maroney, Jr.; Lima Plastics, Inc.; Jose M. Caria, also known as Joseph M. Caria; Margit Gyantor; Finderne Management Company, Inc.; Rocque Dameo; Daniel Dameo; Alloy Cast Products, Inc.; Kenneth Fisher; Frank Panico v. Robert L. IOLA, Jr.; James W. Barrett; Gerard T. Papetti; Cigna Financial Advisors Inc; Lincoln National Life Insurance Company; U.S. Financial Services Corporation; Ronn Redfearn; Steven G. Shapiro; Tri-Core, Inc.; Commonwealth Life Insurance Company; Monumental Life Insurance Company; Peoples Security Life Insurance Company; Raymond J. Ankner; Beaven Companies, Inc.; C.I.A. Associates, Inc.; Nationsbank Texas Trust; Riggs National Bank; PNC Bank N.A.; Bank of America Universal Mailing Service, Inc.; Michael Maroney, Sr.; Michael Maroney, Jr.; Lima Plastics, Inc.; Jose M. Caria, also known as Joseph M. Caria; Margit Gyantor; Finderne Management Company, Inc.; Rocque Dameo; Daniel Dameo; Alloy Cast Products, Inc.; Kenneth Fisher; Frank Panico, Appellants. National Security Systems, Inc.; Steven Cappello; Universal Mailing Service, Inc.; Michael Maroney, Sr.; Michael Maroney, Jr.; Lima Plastics, Inc.; Jose M. Caria, also known as JOSEPH M. CARIA; Margit Gyantor; Finderne Management Company, Inc.; Rocque Dameo; Daniel Dameo; Alloy Cast Products, Inc.; Kenneth Fisher; Frank Panico v. Robert L. Iola, Jr.; James W. Barrett; Gerard T. Papetti; Cigna Financial Advisors Inc; Lincoln National Life Insurance Company; U.S. Financial Services Corporation; Ronn Redfearn; Steven G. Shapiro; Tri-Core, Inc.; Commonwealth Life Insurance Company; Monumental Life Insurance Company; Peoples Security Life Insurance Company; Raymond J. Ankner; Beaven Companies, Inc.; CJA Associates, Inc.; Nationsbank Texas Trust; Riggs National Bank; PNC Bank N.A.; Bank Of America, James W. Barrett, Appellant.

United States Court of Appeals, Third Circuit.

Filed: November 8, 2012.

Attorney(s) appearing for the Case

Steven J. Fram, Esq. (Argued), Kerri E. Chewning, Esq. , Archer & Greiner, Haddonfield, NJ, for Appellants/Cross-Appellees.

Edward M. Koch, Esq. , White & Williams, Philadelphia, PA, Christopher P. Leise, Esq. , (Argued), White & Williams, Cherry Hill, NJ, for Appellee/Cross-Appellant.

Before: FUENTES and CHAGARES, Circuit Judges, and RESTANI, Judge.

OPINION

CHAGARES, Circuit Judge.

We are called upon once again to address litigation arising out of a tax avoidance scheme devised in the late 1980s.1 Defendant James Barrett, a financial planner, induced the plaintiffs, four small New Jersey corporations and their respective owners, to adopt an employee welfare benefit plan known as the Employers Participating Insurance Cooperative ("EPIC"). EPIC's advertised tax benefits, the...

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