Deutsche Bank Admits Wrongdoing in Tax Case, to Pay $554 Million
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Deutsche Bank AG, Germany’s largest bank, admitted criminal wrongdoing and agreed to pay $553.6 million to avoid prosecution in the U.S. over fraudulent tax shelters that generated $29 billion in “bogus” tax losses.
The U.S. Justice Department, under an agreement yesterday, won’t prosecute the Frankfurt-based bank for fraud or tax evasion for enabling wealthy U.S. citizens to avoid $5.9 billion in taxes, after the bank admitted criminal wrongdoing.