The Rittenhouse Review

A Philadelphia Journal of Politics, Finance, Ethics, and Culture

Friday, July 26, 2002  

Alfred Taubman Heads to Minnesota Prison

Well, the good news coming out of all of the latest cases of corporate malfeasance is that at least some law-breaking executives are finally going to prison.

The latest: A. Alfred Taubman, the 78-year-old former chairman of Sotheby’s Holdings Inc., a man who made the bulk of his wealth through the development of shopping malls across the U.S.

The Wall Street Journal reports today [Ed.: Link requires registration and/or subscription.] that Taubman will begin his “one year and one day” sentence for auction price-fixing on August 1 at the Federal Medical Facility in Rochester, Minn., the facility having been selected with Taubman’s purportedly failing health taken into consideration. (Taubman was also slapped with a $7.5 million fine.)

Taubman’s plea before the U.S. Circuit Court of Appeals for the Second Circuit failed to gain the real-estate mogul a new trial. “The appeals court ruled that Mr. Taubman’s ‘knowledge of and participation in the conspiracy to fix prices was not established by circumstantial evidence; it was established by direct evidence,’” the Journal reports.

You know . . . it couldn’t have happened to a more deserving fellow.

By the way, Taubman’s second-in-command, former Sotheby’s chief executive officer, Diana D. “DeDe” Brooks, in April was sentenced to six months of home detention, along with a $350,000 fine and 1,000 hours of community service.

We can’t wait to see the next all-too-deserving crook move into his new quarters.

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