FBI Investigating Axelrod’s NJSO Deal

“The FBI is investigating the New Jersey Symphony Orchestra’s high-profile purchase last year of Stradivarius violins and other rare instruments from Herbert Axelrod, the philanthropist who fled to Cuba in April after his indictment on federal tax fraud charges… At issue in the NJSO deal is whether Axelrod inflated the value of the stringed instruments… to make himself eligible for a large tax write-off. Axelrod, 76, claimed the strings were worth $50 million, a figure that has since been roundly questioned by violin dealers and appraisers. Axelrod ultimately agreed to sell the collection to the New Jersey orchestra for $18 million.”