Manhattan developer accused of US$1 million tax evasion
Michael Shvo case is latest by state authorities to scrutinise art dealers and collectors
Mon, Sep 12, 2016 - 5:50 AM
THE SHVOS: Mr Shvo allegedly used several methods to avoid taxes. He's accused of fraudulently using a New York resale certificate to buy more than US$65,000 in jewellery for his wife Seren, and furniture for his office. The certificates are intended for dealers who buy items solely for resale and don't have to pay taxes.
FOR the last six years or so, real estate developer Michael Shvo allegedly went shopping for luxury goods that would make an oligarch swoon: fine art, jewellery, furniture, even a Ferrari.
On Thursday, Manhattan District Attorney Cyrus Vance cut the spree short, accusing...