A well-known art dealer, Michael Levy, has been sentenced to three years in prison for his apparent role in a tax fraud.
Apparently Levy, in an effort to avoid paying about $900,000 in taxes, diverted more than $3 million in gross gallery receipts between 2003 and 2007 from his business accounts. According to the IRS, Levy converted more than 80 customer checks into cash over the four-year period and kept the proceeds concealed. Levy was thus able to conceal his fraud from his tax preparer.
More on the case can be found here: http://www.gazettes.com/articles/2009/12/16
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