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Real estate developer Michael Shvo pleaded guilty to dodging over $1 million in taxes — sending purchases to his home in the Hamptons and evading sales tax on a Ferrari he drove in Water Mill, according to the office of Manhattan District Attorney Cyrus Vance.

Shvo, 45, and his companies, Shvo Art Ltd. and Seren LLC pleaded guilty in State Supreme Court to second-and third-degree criminal tax fraud for evading the payment of state and local sales and use taxes on fine art, furniture, jewelry, and the sports car between 2010 and 2016, Vance’s office said.

While in communication with various auction houses and art galleries, Shvo and his company, Shvo Art Ltd., made false representations that purchases would be shipped to an out-of-state address in the Cayman Islands or other overseas locations, but no sales tax was collected, according to prosecutors. Instead, Shvo’s purchases were sent to his local office or residences, including an apartment on Columbus Circle in Manhattan and a house in the Hamptons, prosecutors said.

Shvo’s other company, Seren LLC, sidestepped tax payments on a 458 Ferrari Spider, according to Vance’s office. Shvo set up the company in Montana, then titled and registered the Ferrari in the out-of-state company’s name to evade use tax, but the company had no legitimate business purpose except for ownership of the Ferrari, which was used by Shvo in New York and Water Mill, Vance’s office said.

Vance said Shvo used “ornate ruses like creating a sham Montana corporation” to avoid taxes on a Ferrari and avoid paying over $1 million in state and local taxes. “Michael Shvo’s brand of tax evasion was an art form unto itself,” he said.

Shvo is expected to be sentenced on June 7. Each of his companies must pay a $10,000 fine.

Vance’s Asset Forfeiture Unit also filed civil papers against Shvo and his companies, seeking funds gained through the alleged crimes. In connection with its civil action, the office secured a temporary restraining order curtailing about $1.5 million of Shvo’s assets. The assets have now been forfeited and will be used toward satisfaction of the $3.5 million in taxes, penalties, and interest that he must pay in connection with his criminal plea.

Attorney Admits Thefts

Kyle Lynch, courtesy of Suffolk County District Attorney.

East Hampton attorney Kyle Lynch pleaded guilty to pocketing clients’ money and stealing over $750,000 last Thursday in Riverhead court.

He pleaded guilty to three counts of second-degree grand larceny, one count of third-degree grand larceny, and two counts of first-degree identity theft. Lynch waived his rights to a restitution hearing and agreed to Restitution Judgment Orders for all four of the victims involved with his case, according to Shiela Kelly, a spokeswoman for Suffolk County District Attorney Tim Sini. The restitution orders include $579,247 to the Estate of Helen Chalmers, $89,500 to Thomas Rudegair, or The Lawyers’ Fund if it has paid upon his claim; $60,894 to Capital One Bank, and $24,050 to Chase Bank, she said.

Lynch is expected to be sentenced to two to six years of incarceration, according to Kelly. He has submitted an application for the New York State Department of Correctional Services and Community Supervision’s Willard Drug Treatment Program and the court indicated Lynch could potentially be entered into that program pending a pre-sentence investigation by the Suffolk County Probation Department, she said. He is scheduled to appear in court on June 19.

Man Stabbed In Riverhead Altercation
A 22-year-old man was stabbed in the chest in an altercation on April 23, Riverhead cops say.

Reports of a disturbance at a home on 63 Zion Street in Riverhead were logged in by police at about 9:50 PM. Cops say a 911 caller reported hearing possible shots fired in the area and someone being stabbed. Responding patrol units found the man at the location and Riverhead Volunteer Ambulance Corps treated him at the scene for non-life-threatening injuries before taking him to

Peconic Bay Medical Center.
There was no apparent evidence of gunfire at the scene and the victim refused to cooperate with detectives’ investigation, cops said.

Woman Pinches Store property, punches Clerks
Maybe it showed the promise of a great outfit.

A woman punched two employees at the women’s clothing and accessory store Charlotte Russe at Tanger Outlet in Riverhead before making off with some store property at about 8:30 PM on Saturday, Riverhead cops say.

The woman was seen getting in an unknown vehicle that left the area prior to police arrival. The investigation is ongoing.

Anyone with information about the stabbing on Zion Street last Sunday or the theft from Charlotte Russe on Saturday, can call police at 631-727-4500. All calls will remain confidential.