October 29, 2020

Jewish art-dealing dynasty stands trial for alleged $600M tax fraud

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8ee362939ca54cae920cce4e140011cf-6bfdff5774a1411a86e17752c7f73ca7-1From United Jewish Federation of Tidewater

(JTA) — Members of a French-American Jewish art-dealing dynasty went on trial in a case that could see authorities demand $600 million in back taxes.

, 70, the heir to his family’s New York art empire, went on trial Monday. He faces up to 10 years in prison for storing a large percentage of his inherited fortune in tax havens such as the Bahamas and the Cayman Islands.

Investigators say that he and his late brother, , fraudulently undervalued the value of the fortune left behind by their father .

The father was the third head of the renowned Wildenstein & Co. art dealing company, one of the largest of its kind in the world. He owned paintings by the likes of Monet, Picasso and Renoir. He was also a historian and a thoroughbred horse breeder.

The case began in 2010 when Guy Wildenstein’s sister-and-law and stepmother brought evidence of the alleged fraud to French authorities.
Wildenstein said that he was not legally obligated to report the terms of the family’s trust-held assets after his father’s death, AFP reported.

For more on this story go to: http://jewishva.org/node/115582

IMAGE: www.kirotv.com

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