Deutsche Bank has emerged as the unnamed foreign bank which played a key role in a fraudulent tax shelter
Accountancy Age, 18 Nov 2008
Deutsche Bank AG was named yesterday in an unsealed indictment against a lawyer trained in accounting, as the unnamed foreign bank reportedly playing the key role in a fraudulent tax shelter.
US federal prosecutors indicted John Ohle, accusing him of selling questionable tax shelters under the name of Homer, the name for the lead character of the television show 'The Simpsons', and helping wealthy Americans avoid paying more than $103m(£68.5m) in taxes, New York Times reports.
Deutsche Bank, which has been under criminal investigation from the late 1990, was identified in the indictment as 'Bank B' which had arranged the financial transactions Ohle sold, enabling wealthy clients generate bogus tax losses of almost $420m.
Prosecutors have been examining Deutsche Bank for its role in two related, abusive tax shelters which were sold to investors and involved collaboration between banks, law firms and accounting firms.
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