Sandell, a principal at Sandell Asset Management Corp, did not admit or deny allegations made by state Attorney General Letitia James and New York City Corporation Counsel James Johnson, who jointly announced the settlement on Tuesday.
James said Sandell tried to escape liability on $450 million of deferred fee income in 2017 by moving to London and taking steps to create the false impression that his firm no longer operated in New York City. “Thomas Sandell and his company bilked New York taxpayers out of tens of millions of dollars in a single year,” James said in a statement. “The greed that allowed one man to try to avoid paying his fair share of taxes is astonishing.”
Christopher Doyle, a lawyer for Sandell and his firm, declined to comment on their behalf, but said “we’re happy to have been able to help Mr. Sandell and his companies resolve this matter.” Sandell transformed his firm into a family office in 2019 and is worth $1.3 billion, Forbes magazine said.Our Standards:
Sandell paid the State of NY to go away.
New York State Attorney General Letitia James continues to accept penny-on-the-dollar cash settlements from billionaires who commit fraud and tax evasion. Crimes that would cost us 10 to 20 year sentences in prison.
I am still waiting on Trump conviction, NY.
So the money settled the 'tax' part, imprisonment should take care of the 'fraud' part. And yes, the money should be equal to or greater than the profit from the fraud.
money wins every single time with NYAG
Better than getting nothing. I can’t wait until AG TishJames nails trump the pig & his piglets to the wall for all kinds of fraud & financial misrepresentations.
If these people went to prison it would deter further crimes within the financial sector by others.
Wow. That was easy! Not going to slow me down...
Just a permit fee for the ultra wealthy.
Letticia is on 🔥.
NoMoreBillionaires
Okay Ms. James!!!!! Who's next?
Don’t ramp with Letitia!!!
wow
How much of the fine can be written off?
They still made money though. This won’t stop till the penalties are equal to their profits
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