US probes Isle of Man scheme used by billionaire Bush donors

By Jason Nisse

05 June 2005

The Manhattan District Attorney, the Securities and Exchange Commission (SEC) and the US Internal Revenue Service (IRS) are jointly probing a tax-shelter plan run out of the Isle of Man.

The scheme, devised by one of America's biggest banks and used by two billionaire donors to George Bush's election campaign among others, is being probed for possible breaches of securities and anti-money-laundering rules.