Deutsche Bank Pays $553.6 Million Fine in Tax Scam
Deutsche Bank admitted yesterday that it criminally helped rich Americans hide billions overseas to dodge taxes, and agreed to pay a $553.6 million penalty to close the case and prevent prosecution.
The penalty included the return of all fees the bank earned on phony shelters going back to 1996, plus all taxes Uncle Sam missed, as well as a $149.8 million civil fine.
Some of Deutsche Bank’s former bankers and their tax-dodging clients, however, could still face criminal prosecution as individuals who aren’t protected by the settlement.blockquote>