In the aftermath of the Panama Papers revelations, US authorities including the IRS appear to have begun a crackdown on tax evaders (if staying away from Washington D.C. for the time being for obvious reason), and according to Bloomberg they just landed a juicy target in the face of Morris Zukerman, a former head of Morgan Stanley’s energy group who now runs a private investment firm, who was indicted in Manhattan on charges of evading more than $45 million of federal and New York state taxes.
Bloomberg reports that Zukerman failed to report profits from the sale of an equity stake, lied to his accountants, created phony and backdated documents and shipped paintings to addresses in Delaware and New Jersey to avoid New York state sales tax on artwork that hangs in his Park Avenue duplex, according to the indictment. He also took improper tax deductions, according to the indictment.
Zukerman, 71, runs M.E. Zukerman & Co Inc., which invests in “stable assets used to produce, gather, process, transport, store, refine or distribute crude oil, natural gas and related products,” according to the company’s website.
He is a graduate of Harvard College and Harvard Business School and studied economics at Cambridge University, according to a biography on his firm’s the site. He worked at Morgan Stanley from 1972 to 1988 and helped manage the firm’s global merchant banking operations.
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