Letitia James accused Sotheby’s of arranging false tax exemption certificates, known as resale certificates, for an art collector and major client though it knew the collector was not eligible for the exemption.
James said the art collector’s company, Porsal Equities Ltd, reached a $10.75 million settlement with the state in Nov. 2018 to resolve tax fraud allegations related to the purchase of more than $50 million of art and other goods.
Sotheby’s did not immediately respond to requests for comment.
Source: Economy - investing.com
