Sotheby's Settles New York Tax Fraud Case, Pays Damages
NEW YORK (Reuters) - Sotheby's will pay $6.25 million and adopt reforms to settle New York Attorney General Letitia James' lawsuit accusing the famed auction house of fraudulently helping clients avoid sales taxes on tens of millions of dollars of art purchases.
Sotheby’s Settles $6.25 Million Tax Evasion Lawsuit
New York’s attorney general says the auction house helped eight collectors pose as art dealers to avoid paying taxes on art buys. Sotheby’s admits no wrongdoing.
Sotheby’s Pays $6 Million to Settle NY Sales Tax Evasion Probe
Sotheby’s Inc. agreed to pay $6.25 million to settle a New York state lawsuit that accused it of advising wealthy clients they could avoid sales taxes by falsely claiming they were buying art for resale purposes.
Sotheby’s Settles Tax Fraud Lawsuit for $6.25 Million
New York’s attorney general said in a lawsuit that the auction house had helped collectors avoid tax payments on art purchases.
Sotheby's to pay $6.25 million to settle state lawsuit alleging tax cheating by clients
The state said the auction house helped clients cheat their way out of paying tens of millions of dollars in sales taxes
Sotheby's Agrees to Pay New York 6.25 M. To Settle Art Sales Tax Fraud Case
A source familiar with the settlement said that Sotheby's "always believed that the NYAG had the law and facts wrong."
Sotheby's to pay $6.25 mln in tax fraud case
The auction house Sotheby's will pay $6.25 million to settle charges that it helped art buyers avoid paying taxes. It said the auction house encouraged buyers to state fraudulently that they were acquiring works for resale later.
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