New York
Jilted Barneys heir alleges family evaded $20M in New York taxes — by falsely claiming late mother lived in Palm Beach
Barneys Heir Accuses Family of $20M New York Tax Fraud Scheme
What’s Happening?
Bob Pressman, heir to the Barneys retail fortune, is suing his family for allegedly orchestrating a $20 million tax fraud scheme.
Where Is It Happening?
The legal battle is taking place in New York Courts over tax evasion against New York State.
When Did It Take Place?
The alleged fraud occurred over several years, with the lawsuit filed recently.
How Is It Unfolding?
– Pressman claims his mother falsely claimed Florida residency.
– The family allegedly avoided New York state income and estate taxes.
– The lawsuit seeks to recover the disputed $20 million.
– The family has not yet publicly responded to the allegations.
Quick Breakdown
– Bob Pressman is the grandson of Barneys founder Barney Pressman.
– He alleges his mother and siblings conspired to evade New York taxes.
– The disputed amount is approximately $20 million.
– The family allegedly claimed Phyllis Pressman lived in Florida.
– The lawsuit aims to recover the allegedly evaded taxes.
Key Takeaways
This legal battle highlights the complexities and controversies that can arise within wealthy families, especially when it comes to inheritance and taxation. Bob Pressman’s allegations suggest a deep rift within the family, with serious legal and financial consequences. The case also underscores the importance of accurate tax reporting and the potential pitfalls of trying to evade state taxes. It’s a stark reminder that even storied dynasties are not immune to family feuds and legal entanglements.
“Family businesses are often built on trust and deceit can fracture that foundation, leading to brutal dissociation like what we are witnessing in this lawsuit.”
– Lucy Moral, Business Ethics Professor
Final Thought
This it’s a sad ending of the Barneys dynasty, illustrating the harsh reality that those who do not understand good and ethical citizenship, be it within a company or a family, inevitably face dire consequences. Let the case serves as a cautionary tale to those who attempt to exploit loopholes in the name of power and greed. It’s a journey of complete disintegration and legal disputes paving way for a sad future for the Barneys legacy that once stood for glory, elegance and strength.