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.
OUTRAGE: The former strongman was accused of corruption and responsibility for the killings of hundreds of thousands of political opponents during his time in office Indonesia yesterday awarded the title of national hero to late president Suharto, provoking outrage from rights groups who said the move was an attempt to whitewash decades of human rights abuses and corruption that took place during his 32 years in power. Suharto was a US ally during the Cold War who presided over decades of authoritarian rule, during which up to 1 million political opponents were killed, until he was toppled by protests in 1998. He was one of 10 people recognized by Indonesian President Prabowo Subianto in a televised ceremony held at the presidential palace in Jakarta to mark National
Philippine President Ferdinand Marcos Jr yesterday vowed that those behind bogus flood control projects would be arrested before Christmas, days after deadly back-to-back typhoons left swathes of the country underwater. Scores of construction firm owners, government officials and lawmakers — including Marcos’ cousin congressman — have been accused of pocketing funds for substandard or so-called “ghost” infrastructure projects. The Philippine Department of Finance has estimated the nation’s economy lost up to 118.5 billion pesos (US$2 billion) since 2023 due to corruption in flood control projects. Criminal cases against most of the people implicated are nearly complete, Marcos told reporters. “We don’t file cases for
LANDMARK: After first meeting Trump in Riyadh in May, al-Sharaa’s visit to the White House today would be the first by a Syrian leader since the country’s independence Syrian President Ahmed al-Sharaa arrived in the US on Saturday for a landmark official visit, his country’s state news agency SANA reported, a day after Washington removed him from a terrorism blacklist. Sharaa, whose rebel forces ousted long-time former Syrian president Bashar al-Assad late last year, is due to meet US President Donald Trump at the White House today. It is the first such visit by a Syrian president since the country’s independence in 1946, according to analysts. The interim leader met Trump for the first time in Riyadh during the US president’s regional tour in May. US envoy to Syria Tom Barrack earlier
‘ATTACK ON CIVILIZATION’: The culture ministry released drawings of six missing statues representing the Roman goddess of Venus, the tallest of which was 40cm Investigators believe that the theft of several ancient statues dating back to the Roman era from Syria’s national museum was likely the work of an individual, not an organized gang, officials said on Wednesday. The National Museum of Damascus was closed after the heist was discovered early on Monday. The museum had reopened in January as the country recovers from a 14-year civil war and the fall of the 54-year al-Assad dynasty last year. On Wednesday, a security vehicle was parked outside the main gate of the museum in central Damascus while security guards stood nearby. People were not allowed in because
RSS