Posted Feb 5, 2020, 3:31 PM
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Registered User
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Join Date: Aug 2011
Posts: 2,040
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bought by a crook
San Francisco’s Transamerica Tower Selling to NYC Developer
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A group led by New York developer Michael Shvo has a deal to purchase the building, according to people with knowledge of the matter, who asked not to be identified discussing the private transaction. The price is about $700 million, one of the people said.
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Transamerica hasn’t occupied its namesake building for several years, but the pyramid is still part of the insurer’s logo. Tenants include Greenhill & Co., JMP Securities and Northwestern Mutual.
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Michael Shvo Pleads Guilty to Tax Fraud
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Though Shvo won’t be spending any time behind bars, he is required to pay $3.5 million in compensation to the state. The charges consist of criminal tax fraud in the second, third and fourth degrees, failure to file taxes and offering a false instrument for filing in the first degree. The crime carries a maximum sentence of 15 years in prison, and while Shvo has gotten off easy, if he doesn’t pay the restitution he could be facing time in state prison.
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