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New York AG settles hedge fund tax evasion case
By: Daily Record Staff//April 19, 2017//
Listen to this articleThe New York Attorney General’s Office has announced a $40 million settlement with Alabama-based Harbert Management Corp. and the firm’s top executives to resolve whistleblower allegations of millions of dollars of unpaid taxes on performance income for several years.
Harbert Management was the fund sponsor for Harbinger Capital Partners, a $26 billion hedge fund based in New York City.
“Our investigation uncovered a brazen and deliberate decision to avoid paying millions in taxes owed to New York State,” Attorney General Schneiderman said in a news release.
The settlement is the largest tax-related recovery by the Attorney General’s office, resulting from an action filed under the New York False Claims Act, which was amended to cover tax claims in 2010 in a bill sponsored by Schneiderman when he was a state Senator, the news release notes.
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