Deutsche Bank Defrauds US Government, Will Pay $550 million

In a tax fraud case that generated billions of dollars, Deutsche Bank has agreed to pay nearly 554 million dollars and admit criminal wrongdoing. The New York attorney General’s office explained that the German bank admitted participating “in financial transactions which furthered fraudulent tax shelters that generated billions of dollars in US tax losses”

A bank representative said that this agreement will “resolve an investigation related to the Bank’s participation in various tax-oriented transactions for clients from approximately 1996 to 2002.” The sum of the fees that the Deutsche Bank earned from joining in the fraud, interest and taxes that the United States government lost and an additional fine of 149 million dollars culminate in a 553.6 million dollar settlement that the bank will have to pay.

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