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Billionaire Fund Manager Pays $105 Million in NY Tax Case (3)

March 3, 2021, 12:37 AM

A billionaire hedge fund manager paid $105 million to New York, the biggest fine of its kind in the state, after being accused of dodging tax liability in 2017 on hundreds of millions of dollars in deferred investment fees.

Thomas Sandell and his activist firm, Sandell Asset Management Corp., failed to pay state and city taxes on $450 million in management and performance fees from a decade’s worth of work in New York City, New York Attorney General Letitia James said in a statement.

A whistle-blower who exposed the allegations will get a $22 million cut of the settlement. ...