WASHINGTON -- While U.S. attorneys in St. Louis are running out of time to bring further criminal tax law charges against participants in so-called black box deals, the Securities and Exchange Commission is continuing to move forward with a civil investigation of such transactions, according to industry officials.

The U.S. attorneys in St. Louis were expected to bring indictments against two key participants of the Apple Creek IV and other black box deals, but are coming up against a six-year statute of limitations on tax law charges that expires at the end of the year, several lawyers said.

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