Bloomberg Tax
March 4, 2021, 8:30 PM

New York’s Tax Cheat Haul Has States Eyeing Whistleblower Laws

Michael J. Bologna
Michael J. Bologna
Staff Correspondent

New York’s record $105 million fraud settlement against a hedge fund billionaire is sparking renewed interest in aggressive state whistleblower laws to bust tax cheats and replenish coffers emptied by the pandemic.

New York Attorney General Letitia James (D) March 2 announced a settlement with Thomas Sandell and his Sandell Asset Corp. after alleging he employed an aggressive scheme to avoid recognizing $450 million in offshore income for state and city tax purposes. The settlement not only puts more New York financial titans under scrutiny for their tax treatment of offshore management fees, but it makes the use of ...

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