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Deutsche Bank charged with tax fraud

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."

Deutsche Bank spokeswoman Renee Calabro said the bank "fully addressed" the matter in a 2009 agreement with the IRS, and plans to "defend vigorously against these claims."