Finn M.W. Caspersen was a generous man.
He gave millions to his alma mater, Harvard Law School, and supported a wide variety of other causes.
But now it appears that Caspersen, who committed suicide near his summer home in Rhode Island on Sept. 7, may have shortchanged the U.S. government, underpaying his taxes by millions of dollars.
The New York Times reported Wednesday that authorities had been investigating Caspersen for avoiding taxes by hiding his money in a foreign bank.
According to unnamed sources, the focus on the investigation is Caspersen’s account with a private bank owned by the royal family of Liechtenstein.
The sources told the paper that Caspersen, 67, the former CEO of Beneficial Corporation, a consumer finance company, may have owed the U.S. up to $100 million in back taxes and fines.
Nathaniel Reed, of Jupiter Island, Fla., where Caspersen had a home and was on the town commission, told the Florida Sun-Sentinel that Caspersen had experienced “an unbelievable financial situation.”
Caspersen, whose main residence was in Peapack-Gladstone, N.J., had resigned from the Jupiter commission a few weeks ago, and he had put his Florida house up for sale.
He had also put his Rhode Island mansion on the market.
The Rhode Island mansion, which Caspersen and his wife, Barbara, designed, is listed for $10.9 million, according to the Times.
Caspersen founded the Shelter Harbor Golf Club in Rhode Island, and, according to police, he was on the grounds of the club when he shot himself in the head.
Caspersen had grown up in privilege, as his father headed Beneficial, a pioneer in small loans to working-class people, for 17 years.
Following in his father’s footsteps, Caspersen was chairman and CEO of Beneficial from 1976 to 1999, when the company was sold to Household International for $8.6 billion. Household International was later acquired by HSBC.
Caspersen reportedly received a severance package of $23.7 million at the time of the sale.
He then founded Knickerbocker Management, an investment firm that manages trusts and other assets.
In 2003, Caspersen pledged $30 million to Harvard Law, the largest gift the school has ever received. His gift kicked off a fund drive that he chaired. It raised $476 million dollars in five years.
He also gave millions to the Peddie School, where he went to high school, and he was a dependable contributor to Republican candidates. Casperson had also been a trustee of Brown University, his undergraduate college.
In addition, he was an equestrian and a supporter of the U.S. Equestrian team.
Nearly 900 people attended his funeral in Morristown, N.J., on Tuesday, according to Star-Ledger of New Jersey.
Former New Jersey Gov. Thomas H. Kean spoke, calling his friend “brilliant” and “generous,” someone who had “magic” as a fund-raiser, the Star-Ledger reported.
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