MANHATTAN (CN) – The Wall Street branch of Deutsche Bank helped “high net worth” Americans hide $29 billion in fraudulent tax shelters between 1996 and 2002, ducking $6 billion in federal taxes, prosecutors say. To avoid prosecution, Deutsche Bank will cough up $403.8 million.
According to the forfeiture complaint, Deutsche Bank helped “high net worth United States citizens who through 2005, reported approximately $29.3 billion in bogus tax benefits on their tax returns, mainly losses, resulting in the evasion of approximately $5.9 billion in individual income taxes on capital gains and ordinary income.”
Deutsche Bank entered into a non-prosecution agreement with the government on Dec. 20, 2010. It agreed to forfeit the money it earned from its bogus tax shelters and the taxes and interest the IRS was unable to collect from taxpayers.
The Defendant-in-Rem is $403,794,153 in U.S. currency.
And no cents.