A Paris court has suspended the tax fraud and money laundering trial of Guy Wildenstein, the French-American heir of a New York art-dealing empire, over a possible legal loophole.
The criminal court has set the new trial date as May 4, after Wildenstein’s lawyers argued that tax and criminal charges had been doubled up.
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Wildenstein went on trial after two relatives tipped off investigators about the family’s financial dealings — prompting authorities to demand a staggering 553 million euros ($602 million) in back taxes.
The 70-year-old Wildenstein is accused of concealing much of his inherited fortune in trusts held in offshore tax havens — in one of the biggest tax fraud trials ever held in France. He faces up to 10 years in prison if convicted. (AP)
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