The Cipriani luck is running strong today, and the troubled restaurant family should be standing drinks all around. This morning the New York Post carried notice of a new Wall Street Cipriani restaurant, frequented by models and high-rolling types. And this afternoon, the clan learned that CEO Giuseppe Cipriani and family patriarch Arrigo Cipriani will not go to jail for tax fraud! The pair pleaded guilty in July to filing false corporate returns and will eventually pay $10 million in fines and back taxes. Giuseppe got three years probation and Arrigo received a conditional discharge that allows him to maintain his residence in Italy. Oh, and there’s a new business monitor peering into the books for the next several years, but the liquor license is still good. The Cipriani diet remains risotto and Champagne, not bread and water.
Ciprianis Sentenced on Tax Fraud Charges [Crain’s NY]