Luxury broker-turned-developer Michael Shvo’s criminal tax fraud case came to an end Thursday, when he coughed up $3.5 million in restitution and was sentenced to no jail time.
Shvo, 42, copped to charges of second- and third-degree criminal tax fraud in April following allegations by prosecutors that he’d purchased art — and a Ferrari Spider — and then falsified records to avoid paying use, sales, and corporate taxes in New York State.
“I think this was a very intelligent way to resolve this matter,” defense attorney Benjamin Brafman told The Post as he left court.
As part of the plea, all pending civil litigation against Shvo–who has to stay out of trouble for three years as part of the deal or face re-arrest– will cease.
Shvo, who appeared in good spirits in court alongside his wife, Seren Shvo, declined to comment.
“Mr. Shvo is happy to have settled this case and to be able to focus on family and his real estate business,” a source close to the family said. “This chapter is behind him.”
Sources close to the millionaire, whose art collection includes pieces by Andy Warhol, Roy Lichtenstein and François-Xavier Lalanne, previously said the developer now intends to focus on his current projects — such as the AMAN at 730 Fifth Ave., 125 Greenwich Ave. and 565 Broome St.