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February 16, 1989 | From Times wire services
Jon Edelman, a brother of takeover speculator Asher Edelman, pleaded innocent today to charges that he and a Florida businessman ran a giant illegal tax shelter scheme than generated millions of dollars in tax benefits for prominent investors. Edelman and Bernhard Manko of Lighthouse Point, Fla., were arraigned in front of U.S. Magistrate Leonard Bernikow and released on a $500,000 bond. Manko also pleaded not guilty. In one of the largest tax fraud cases on record, Edelman, 43, of Rye, N.Y.
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BUSINESS
February 16, 1989 | From Times wire services
Jon Edelman, a brother of takeover speculator Asher Edelman, pleaded innocent today to charges that he and a Florida businessman ran a giant illegal tax shelter scheme than generated millions of dollars in tax benefits for prominent investors. Edelman and Bernhard Manko of Lighthouse Point, Fla., were arraigned in front of U.S. Magistrate Leonard Bernikow and released on a $500,000 bond. Manko also pleaded not guilty. In one of the largest tax fraud cases on record, Edelman, 43, of Rye, N.Y.
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BUSINESS
February 9, 1989 | PAUL RICHTER and GEORGE WHITE, Times Staff Writers
"Show people tend to treat their finances like their dentistry," Dick Cavett said in 1985. "They assume the people who handle it know what they are doing." Cavett was explaining how he had put money in a phony investment scheme that was designed to shelter his income with tax losses. He might have been speaking for people in a lot of other businesses as well.
BUSINESS
February 9, 1989 | PAUL RICHTER and GEORGE WHITE, Times Staff Writers
"Show people tend to treat their finances like their dentistry," Dick Cavett said in 1985. "They assume the people who handle it know what they are doing." Cavett was explaining how he had put money in a phony investment scheme that was designed to shelter his income with tax losses. He might have been speaking for people in a lot of other businesses as well.
BUSINESS
February 9, 1989 | SCOT J. PALTROW, Times Staff Writer
A federal grand jury Wednesday indicted two government securities traders on charges of generating more than $511 million in phony tax losses for investors in a series of partnerships by arranging sham trades valued at $38 billion. Federal prosecutors said it was the largest tax fraud case ever brought in New York, in terms of the amount of tax losses actually passed on to investors, and one of the largest in the country. The 32-count indictment accused Jon Edelman, 43, and Bernhard F.
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