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Search resuls for: "Wildenstein"


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Guy Wildenstein, the international art dealer, was found guilty in France on Tuesday of massive tax fraud, the latest twist after years of legal entanglements that have unraveled the secrecy that once surrounded his powerful family dynasty. Mr. Wildenstein, 78, the Franco-American patriarch of the family and president of Wildenstein & Co. in New York, was sentenced by the Paris Appeals Court to a four-year prison sentence, with half of it suspended, and the other half to be served under house arrest with an electronic bracelet. The court also sentenced him to pay a one million euro fine, or about $1.08 million. Prosecutors had said that he was trying to dodge hundreds of millions of euros in inheritance taxes. At the trial, which was held in the fall, they had requested a slightly more lenient prison sentence for Mr. Wildenstein, but they had also requested a much larger €250 million fine, or about $270 million.
Persons: Guy Wildenstein, Wildenstein, Daniel, Alec Organizations: Franco, Wildenstein, Paris Appeals, Prosecutors Locations: France, New York, Paris
The case has provided an unusual view of how the ultrawealthy use the art market to evade taxes, and sometimes worse. In order to prove that Alec and Guy misled Sylvia about her husband’s estate, Dumont Beghi first needed to know what assets they did report. Dumont Beghi’s first step, then, was to ask a court to nullify the agreement Sylvia signed giving up her inheritance. Only then could she access details about Daniel’s estate. Dumont Beghi didn’t believe that figure was anywhere near the estate’s true value, but still, “It’s not nothing, for someone who died broke.” And it showed, Dumont Beghi concluded, that Sylvia had renounced her inheritance under false pretenses.
Persons: Guy, Sylvia, Alec, Dumont Beghi, Daniel Wildenstein, ” Dumont Beghi, Dumont Beghi’s, Sylvia wasn’t, Wildensteins, Jocelyne, Alec’s, Daniel, Dumont Beghi didn’t, Organizations: New York — Locations: New York, France
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