Dolce, Gabbana Face $13M Fine Over $1.3B Tax Evasion Plot

Law360, Los Angeles (June 19, 2013, 6:33 PM EDT) -- An Italian judge on Wednesday reportedly hit Domenico Dolce and Stefano Gabbana with a fine of up to $13.4 million for an alleged tax evasion scheme in which the fashion designers hid $1.3 billion from authorities, in addition to sentencing them to a suspended jail term of 20 months.

Through the alleged scheme, the pair sold their holding company Gado SRL, which was based in Luxembourg, in 2004 in order to avoid declaring taxes on royalties, according to NBC News. Public prosecutors reportedly said that an...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.