A story about how the world’s biggest art dealing dynasties became embroiled in a million dollar fraud sounds a lot like a Hollywood plot line. Yet, it’s a saga that’s currently unfolding in the French court.
The complex financial affairs of the Wildenstein art clan are being scrutinised in what has become one of the world’s greatest tax fraud trials. The family, known simply as “les W” in France, are accused of hiding millions of euros worth of inheritance money in offshore tax havens.
Forensic accountants will have played a pivotal role in untangling the complex financial affairs of the family, trawling through decades of paperwork to discover the true extent of the fraud. Faced with an eyewatering list of assets and a complicated family history, this is certainly not an enviable task.
However, for the experts at Frenkels Forensics, searching through years of spreadsheets and bank records is only part of the job. For one, the findings must be compiled and presented in a clear and coherent manner if they are to be used as evidence by either the defendant or prosecutor. Once the facts have been laid bare, the facts collated by the forensic accountant can prove how – or if – the crime was committed and determine the size of the repayment.
While the case of the Wildenstein art clan continues to captivate the watching world, it’s wise to remember that fraud investigations don’t only involve the rich and famous – they can affect anybody, which is why it’s so important to have help from experts you can trust.
For expert help with a fraud investigation contact Frenkels Forensics for an independent appraisal.
By Vitek Frenkel – find me via Google+.