A former fund manager pled guilty to helping hide his family's $12.5 million inheritance, according to the U.S. attorney for the Southern District of New York.
Henry Seggerman, the son of a prominent New York businessman, pled guilty Wednesday to hiding the inheritance in Swiss bank accounts.
Seggerman, 60, of New York City and Los Angeles, was a fund manager for the Korea-focused International Investment Advisers. He admitted he conspired to keep the IRS from taxing overseas money his late father, former Fidelity Investments executive Harry Seggerman, left to the family, according to Manhattan lawyer Christopher Ferguson, who handled the case for the prosecution.
Seggerman admitted to continuing the scheme his father had started to hide more than half of the $24 million estate. Seggerman’s two sisters and brother pled guilty earlier to their part in the scheme and are awaiting sentencing.
As executors of the estate, Seggerman and his three siblings signed a false tax return. Seggerman pled guilty to one count of conspiracy to defraud the United States, one count of subscribing to a false and fraudulent estate tax return and one count of aiding and assisting in the preparation of false tax returns. He faces a maximum sentence of 11 years in prison. No sentencing date has been set.
He has agreed to pay $600,000 at the time of his sentencing, in partial satisfaction of the ultimate restitution obligation he faces at sentencing, the U.S. attorney said. The guilty plea was entered in Federal District Court in Manhattan.