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Originally Posted by ILNY
^Good job Chris with all the updates !
This one is moving slower then molasses.
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Thanks ILNY.
Yes I agree, I feel like I'm tripping everytime I see this tower. It seems to go backwards development wise. A development that deconstructs itself...
But anyways, enough of the twilight zone stuff.
The developer of this tower, Michael Shvo, has some tax issues right now.
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Luxury real estate developer Michael Shvo scammed the government out of $1M in taxes since 2010
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A major real estate developer has been indicted for ripping off New York State in a $1 million tax evasion scam, prosecutors said.
Michael Shvo, who has U.S. and Israeli citizenship, faces seven counts of criminal tax fraud. He was released on $500,000 bond in a deal struck between his lawyers and the Manhattan District Attorney.
Assistant D.A. Lisa White said the wealthy 43-year-old "engaged in a six-year scheme to evade New York State and local sales tax" as well as corporate taxes and taxes owed on the sale of "art, furniture, jewelry and a Ferrari."
Shvo "falsely represented that the purchases would be shipped to Shvo Art Ltd. at its registered address in the Cayman Islands or other overseas destinations, and therefore, no sales tax was collected," according to court papers.
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Shvo and his corporation pleaded not guilty in front of Manhattan Supreme Court Justice Daniel FitzGerald late Thursday morning.
He faces up to 15 years behind bars if convicted.
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http://www.nydailynews.com/new-york/...icle-1.2783282