Deutsche Bank Charged By US Prosecutors in Tax "Scheme"

U.S. Federal prosecutors have announced a lawsuit against a major German bank, charging it engaged in an “abusive scheme” to avoid paying tax.

United States Attorney for the Southern District of New York, Preet Bharara, announced the charges today, claiming that Deutsche Bank AG (NYSE:DB) (ETR:DBK) engaged in what amounted to a “shell game” to avoid paying $190 million in tax liability.

Deutsche Bank attempted to disappear it's potential tax liabilities

“Through fraudulent conveyances involving shell companies, Deutsche Bank tried to make its potential tax liabilities disappear,” Bharara said in a statement. “This was nothing more than a shell game. This lawsuit seeks to hold Deutsche Bank AG (NYSE:DB) (ETR:DBK) and the other defendants liable for $190 million in taxes, penalties,...