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Seggerman heir pleads guilty to US tax fraud over $12m inheritance Seggerman heir pleads guilty to US tax fraud over $12m inheritance
(21 days later)
An heir to a wealthy New York investment manager's fortune has pleaded guilty to conspiring with family members to hide more than $12m (£7.7m) from US tax authorities in Swiss bank accounts.An heir to a wealthy New York investment manager's fortune has pleaded guilty to conspiring with family members to hide more than $12m (£7.7m) from US tax authorities in Swiss bank accounts.
Henry Seggerman, 60, and his five siblings inherited about $24m from their father, Harry Seggerman, who died in May 2001, according to court documents.Henry Seggerman, 60, and his five siblings inherited about $24m from their father, Harry Seggerman, who died in May 2001, according to court documents.
That amount included more than $12m hidden in secret Swiss bank accounts that Seggerman Jr, the co-executor of the estate, did not disclose, federal prosecutors said.That amount included more than $12m hidden in secret Swiss bank accounts that Seggerman Jr, the co-executor of the estate, did not disclose, federal prosecutors said.
Seggerman awaits sentencing and faces up to 11 years in prison, according to his plea deal. He pleaded guilty to one count of conspiracy to defraud the US and two counts of falsifying tax returns.Seggerman awaits sentencing and faces up to 11 years in prison, according to his plea deal. He pleaded guilty to one count of conspiracy to defraud the US and two counts of falsifying tax returns.
"This is a sad case of the sins of the father being visited upon his children," Seggerman's lawyer, Christopher Ferguson, said. He added that his client was co-operating with prosecutors."This is a sad case of the sins of the father being visited upon his children," Seggerman's lawyer, Christopher Ferguson, said. He added that his client was co-operating with prosecutors.
Four of the five siblings were co-executors. The fifth was not excluded from the estate but did not receive a portion of the offshore inheritance, according to Ferguson.Four of the five siblings were co-executors. The fifth was not excluded from the estate but did not receive a portion of the offshore inheritance, according to Ferguson.
Three Seggerman estate beneficiaries – Edmund, Yvonne and Suzanne – pleaded guilty months ago to related charges.Three Seggerman estate beneficiaries – Edmund, Yvonne and Suzanne – pleaded guilty months ago to related charges.
Two other siblings, Patricia and Marianne Seggerman, have not been charged.Two other siblings, Patricia and Marianne Seggerman, have not been charged.
No sentencing date has been set. As part of his plea, Seggerman agreed to pay $600,000 as a partial restitution.No sentencing date has been set. As part of his plea, Seggerman agreed to pay $600,000 as a partial restitution.
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