On Monday, the U.S. government sued Deutsche Bank, claiming tax fraud. Federal prosecutors are seeking $190 million in back taxes, penalties, and interest.
In the complaint filed in U.S. District Court in Manhattan, the government says that in order to hide taxable gains from the Internal Revenue Service, Deutsche Bank used "insolvent" shell companies "to conduct a series of fraudulent conveyances," Reuters reports. "Deutsche Bank tried to make its potential tax liabilities disappear," U.S. Attorney Preet Bharara said in a statement. "This was nothing more than a shell game."
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