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ImClone Founder Admits to Tax Evasion in Art Deals.

Knight Ridder/Tribune Business News, March, 2003

By Greg B. Smith, Daily News, New York Knight Ridder/Tribune Business News

Mar. 4--ImClone founder Sam Waksal admitted yesterday he dodged $1.2 million in sales taxes on nine art masterpieces -- implicating a high-profile art dealer whom sources identified as Larry Gagosian, the Daily News has learned.

Waksal -- who has already admitted to insider trading charges involving ImClone stock -- pleaded guilty to two new federal charges in the art scheme.

Meanwhile, two sources said Gagosian -- one of Manhattan's most prominent dealers -- was the unidentified co-conspirator who sold him the art.

Gagosian, a powerful dealer who operates galleries on Madison Ave. and in Chelsea, Beverly Hills, Calif., and London, could not be reached...

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