A New Jersey millionaire and philanthropist who gained notoriety when questions were raised about the value of a collection of 17th- and 18th-century stringed instruments that he sold to the New Jersey Symphony Orchestra was sentenced Monday to 18 months in prison on unrelated tax fraud charges.
The philanthropist, Herbert Axelrod, sobbed and expressed his remorse for helping a former executive of his pet supply and pet-related publishing company set up a Swiss bank account to hide taxable income from the Internal Revenue Service.
"It was always my goal to be remembered as an outstanding philanthropist," said Axelrod, 77, standing before Judge Garrett Brown in US District Court. "Instead I will be remembered as someone who disrespected the law and this court."
Last month the former executive, Gary Hersch, pleaded guilty to defrauding the government of taxes on some US$775,000 he secreted in a Swiss bank. The white-bearded Axelrod, who has been held in a Monmouth County jail and who wore an oversized, khaki-colored prison jumpsuit to court, admitted Monday that it was he who introduced Hersch to his Zurich banker in 1983, commencing the fraud.
Axelrod was arrested in June in Germany, where he had fled after hearing of the federal investigation into the tax case. He lived in Deal, New Jersey, for many years, and made his fortune with pet products and publications, founding TFH Publications.
Once called the Medici of the Meadowlands for his patronage of the arts, he was praised just a year earlier for his sale of 30 Stradivarius, Amati and Guaneri violins, violas and cellos to the orchestra. He and some experts had valued the collection at US$50 million, but the symphony was able to buy the collection for US$18 million.
It was seen at the time as a generous gift. However, other appraisals and an investigation by the trustees of the orchestra valued the instruments at between US$15 million and US$26 million at most.
FRAUD ALLEGED: The leader of an opposition alliance made allegations of electoral irregularities and called for a protest in Tirana as European leaders are to meet Albanian Prime Minister Edi Rama’s Socialist Party scored a large victory in parliamentary elections, securing him his fourth term, official results showed late on Tuesday. The Socialist Party won 52.1 percent of the vote on Sunday compared with 34.2 percent for an alliance of opposition parties led by his main rival Sali Berisha, according to results released by the Albanian Central Election Commission. Diaspora votes have yet to be counted, but according to initial results, Rama was also leading there. According to projections, the Socialist Party could have more lawmakers than in 2021 elections. At the time, it won 74 seats in the
EUROPEAN FUTURE? Albanian Prime Minister Edi Rama says only he could secure EU membership, but challenges remain in dealing with corruption and a brain drain Albanian Prime Minister Edi Rama seeks to win an unprecedented fourth term, pledging to finally take the country into the EU and turn it into a hot tourist destination with some help from the Trump family. The artist-turned-politician has been pitching Albania as a trendy coastal destination, which has helped to drive up tourism arrivals to a record 11 million last year. US President Donald Trump’s son-in-law, Jared Kushner, also joined in the rush, pledging to invest US$1.4 billion to turn a largely deserted island into a luxurious getaway. Rama is expected to win another term after yesterday’s vote. The vote would
CANCER: Jose Mujica earned the moniker ‘world’s poorest president’ for giving away much of his salary and living a simple life on his farm, with his wife and dog Tributes poured in on Tuesday from across Latin America following the death of former Uruguayan president Jose “Pepe” Mujica, an ex-guerrilla fighter revered by the left for his humility and progressive politics. He was 89. Mujica, who spent a dozen years behind bars for revolutionary activity, lost his battle against cancer after announcing in January that the disease had spread and he would stop treatment. “With deep sorrow, we announce the passing of our comrade Pepe Mujica. President, activist, guide and leader. We will miss you greatly, old friend,” Uruguayan President Yamandu Orsi wrote on X. “Pepe, eternal,” a cyclist shouted out minutes later,
Myanmar’s junta chief met Chinese President Xi Jinping (習近平) for the first time since seizing power, state media reported yesterday, the highest-level meeting with a key ally for the internationally sanctioned military leader. Senior General Min Aung Hlaing led a military coup in 2021, overthrowing Myanmar’s brief experiment with democracy and plunging the nation into civil war. In the four years since, his armed forces have battled dozens of ethnic armed groups and rebel militias — some with close links to China — opposed to its rule. The conflict has seen Min Aung Hlaing draw condemnation from rights groups and pursued by the
RSS