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Business

Whistleblower gets $8.8M thanks to Falcone tax-scheme settlement

By
Carleton English
Published April 18, 2017, 9:41 p.m. ET

An unnamed whistle-blower got an $8.8 million tax day gift as the result of a settlement tied to disgraced hedge fund billionaire Phil Falcone.

Alabama-based Harbert Management settled with New York Attorney General Eric Schneiderman to the tune of $40 million over allegations that it avoided paying millions of dollars in taxes to New York between 2002 and 2009. The whistle-blower earned 22 percent of the pot. Harbert was a sponsor of Falcone’s Harbinger Capital Partners.

Falcone, his fund and the profits generated from it were based in New York, so some taxes on profits should have been paid to the state, the government said. Instead, all taxes were paid to Alabama, avoiding New York’s higher rates.

“You can’t set up operations in Midtown Manhattan… and turn around and pay zero dollars in taxes,” Neil Getnick, attorney for the whistle-blower, told The Post.

Harbert settled without admitting or denying wrongdoing. The probe is ongoing.