Perfume Heiress Sentenced Over $22 Million Tax Fraud

Perfume Heiress Sentenced Over $22 Million Tax Fraud
Image source: Pixabay

The granddaughter of Nina Ricci was fined $1.1 million and sentenced to a year behind bars. Arlette Ricci, 73, became the first famous victim of the Swissleaks scandal, which came to light after an ex-employee of HSBC handed over the details of thousands of suspected tax evaders to authorities, according to the Associated Press.

Tax fraud trials expected to continue

Her trial is expected to be the first of many as European authorities catch up with those suspected of dodging taxes by holding their money in secret accounts. As well as her conviction for tax fraud, Ricci was found guilty of money laundering.

Investing in the Next Generation of Emerging and Frontier Markets with Maurits Pot

Yarra Square Investing Greenhaven Road CapitalValueWalk's Raul Panganiban with Maurits Pot, Founder and CEO of Dawn Global. Before this he was Partner at Kingsway Capital, a frontier market specialist with over 2 billion AUM. In the interview, we discuss his approach to investing and why investors should look into frontier and emerging markets. Q2 2021 hedge fund letters, conferences and Read More

The French judge sentenced her to three years in prison, but two were suspended. In addition to prison time and a fine, authorities also confiscated two properties worth approximately $4 million.

Jean-Marc Fedida, a lawyer for Ricci, stated that there is a possibility that he will appeal the decision, or ask the judge to allow his client to serve her sentence under more lenient conditions. Possibilities include partial liberty or the wearing of an electronic tag.

Ricci heiress and her daughter both sentenced

A separate part of the same case saw the court order the repayment of millions in back taxes dating from 2007-2009. Ricci, a lawyer and two companies are to be told how much they have to repay at a later date. The case also led to the conviction of Margot Vignat, Ricci’s 51-year-old daughter, who was given an 8-month suspended sentence for tax fraud.

Former HSBC employee Herve Falciani handed over the details of thousands of alleged tax evaders in 2008. French authorities passed the list on to other governments and began investigating the matter, although authorities have been criticized for the length of time it has taken to look into the allegations of massive tax fraud by wealthy individuals.

Now the French authorities have launched a formal criminal investigation into London-based HSBC over alleged tax fraud carried out by its Swiss private bank. For its part HSBC has stated that the allegations are “without legal basis.”

Previous article The Case For Not Currency Hedging Foreign Equity Investments: GMO
Next article Vltava Fund: What Is Really Normal?
While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala. <i>To contact Brendan or give him an exclusive, please contact him at [email protected]</i>

No posts to display