Guy Wildenstein, the head of the influential Wildenstein art-dealing family, was convicted of tax fraud and money laundering by a Paris court.
He received a four-year prison sentence, with half of it suspended and the other half to be served under house arrest with an ankle monitor.
Key Points
Guy Wildenstein convicted of tax fraud and money laundering.
Received a partly suspended four-year sentence and a €1 million fine.
More than €3.4 million in assets seized, must pay back taxes.
Case highlights secretive financial dealings of the Wildenstein family.
Convictions for all involved in the case, including family members and associates.
Additionally, Wildenstein was fined €1 million (about $1.1 million), had over €3.4 million in personal assets seized, and was ordered to pay all back taxes to the French government.
The case marks a significant fall for Wildenstein, who is known for his family's collection of old masters and impressionists. The family has faced scrutiny over the last two decades for its secretive financial activities.
The legal issues began after the deaths of Guy Wildenstein's father, Daniel, in 2001, and his brother Alec in 2008, leading to accusations against Guy, his nephew Alec Jr., and Alec Sr.'s estranged widow Liouba Stoupakova. They were accused of hiding assets through trusts and shell companies.
Initially acquitted in 2016 due to insufficient evidence, the case was reopened in 2021 by France's highest court, leading to convictions for all involved. Alec Jr. received a two-year suspended sentence and a fine, while Stoupakova was convicted of complicity in money laundering, receiving a suspended sentence.