April 26, 2018 | The Wall Street Journal
A luxury Manhattan real-estate developer and art collector pleaded guilty to tax evasion Thursday in connection with his purchases of furniture, jewelry, art and a Ferrari.
Developer Michael Shvo, once known as a brash, larger-than-life figure in the New York real-estate world, pleaded guilty to second- and third-degree criminal tax fraud in state Supreme Court in Manhattan. Under the terms of his plea agreement, Mr. Shvo is required to pay about $3.5 million in taxes and penalties.