The son of a mutual fund pioneer pleaded guilty to tax fraud involving his father's $24-million estate.

The Associated Press, Bloomberg, the New York Times and Reuters all reported that yesterday Henry Seggerman, son of former Fidelity vice chairman and PM Harry Seggerman, confessed to evading taxes for nine years after his father's death. The elder Seggerman died in 2001 at the age of 73, and prosecutors claimed that the younger Seggerman and other members of his family hid overseas more than $12 million of the elder's $24-million estate.

"I deeply regret my participation in these activities and intend to make amends for my conduct," the younger Seggerman said, according to the AP.

Three of Henry Seggerman's siblings — Yvonne Seggerman, Suzanne Seggerman and Edmund Seggerman — previously pleaded guilty to other charges. All three face up to 11 years each in prison.

The elder Seggerman worked with Capital Group, the Japan Fund, and then Fidelity, where he started the Fidelity Pacific Fund. He retired from Fidelity in 1992 after rising to vice chairman. When he died he served as president of hedge fund shop International Investment Advisers, which his son Henry now serves as chief investment officer. 

Edited by: Neil Anderson, Managing Editor


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