Deutsche Bank to pay over $550M in fraud probe

[tabatha]

NEW YORK - Deutsche Bank admitted criminal wrongdoing and agreed to pay more than $550 million in connection with its participation in tax shelters that enabled the rich to avoid paying hundreds of millions of dollars in U.S. taxes, authorities announced Tuesday.

Federal prosecutors and the Justice Department's tax division announced the deal, saying a nonprosecution agreement requires the bank to continue cooperating and to submit to the appointment of an independent expert who will review its compliance measures and ensure it does not help people dodge taxes in the future.

Authorities said the $533,633,153 payment by the bank will include that amount of taxes and interest that the Internal Revenue Service was unable to collect from taxpayers from 1996 to 2002 because of the misconduct. It also includes a civil penalty of more than $149 million.

http://www.cnbc.com/id/40769441

On Edit: updated - because it seems the original was updated.

[valerief]

1. I didn't find billions mentioned in the link.

Authorities said the $533,633,153 payment by the bank will include that amount of taxes and interest that the Internal Revenue Service was unable to collect from taxpayers from 1996 to 2002 because of the misconduct. It also includes a civil penalty of more than $149 million.

I wonder if there will be more fines.

[tabatha]

2. Hmmm - I cut and pasted.

Possibly it has been updated. Weird.

[valerief]

6. Winston Smith is at it again, rewriting history. nt

[gratuitous]

3. They admitted criminal wrongdoing? So, who's going to jail?

The whole bank or just the tellers?

[tabatha]

4. I guess no-one. They just pay a fine.

[gratuitous]

5. Some citizens are more equal than others, apparently

Isn't that nice?

[valerief]

7. Some guy they found at an ATM. nt