View more on these topics

Heiress convicted of HSBC tax fraud

The heir to the Nina Ricci perfume and fashion fortune has been convicted of tax fraud by hiding millions in an offshore HSBC account.

The BBC reports a Parisian court has sentenced Arlette Ricci to a year in prison, plus given an additional two-year suspended sentence. Ricci was also ordered to pay a fine of €1m (£720,000), with two of her properties confiscated worth €4m.

Her daughter Margot Vignat was also convicted and handed an eight-month suspended sentence.

Ricci was also ordered to pay back tax owed for the period between 2007 and 2009, with the exact amount set at a later date.

Her lawyer said her sentence was “extremely severe”.

But telephone recordings cited in court suggested Ricci knew what she was doing was illegal.

The case is the first of around 50 French nationals to face trial over tax evasion using HSBC accounts. Ricci will now decide whether she want to appeal.

It follows after whistleblower Herve Falciani leaked documents of over 100,000 international HSBC. Up to 1,100 accounts were passed to HM Revenue & Customs, but have so far resulted in a single prosecution.

Recommended

UK-Money-Currency-Note-Pound-GBP-Crumpled-700x450.jpg
5

MM leader: Pension tax relief is boiling over

Pensions have never been more attractive. The coalition Government has done a good job in doing away with the idea that pensions are something to be kept under lock and key for the longest possible period, before converting them to a typically paltry income. Now pension freedoms are upon us, savers are free to do […]

FSCS-Piggy-Bank-500x320.jpg

Arck investors face further FSCS claim delays

Investors in failed property investment scheme Arck are facing further delays as the Financial Services Compensation Scheme continues to investigate claims against advisers. In an update published on its website yesterday, the FSCS says it has moved “a step closer” to assessing the scheme’s financial position in relation investors’ claims after former Arck partners Kathryn […]

Telephone-Phone-Business-Finance-General-700.jpg
1

ABI: Providers took 200,000 calls in first week of pension freedoms

Providers handled over 200,000 calls from customers in the first week following the introduction of pension freedoms, according to the Association of British Insurers. ABI figures out today show members of the trade body received 229,932 calls between Tuesday and Friday last week about the reforms. This is a 214 per cent increase compared to […]

Business-People-Silhouette-Leaving-Walking-700x450.jpg

Towergate Financial rebrands as Wren Sterling

Towergate Financial has rebranded to Wren Sterling following a management buyout. The new name will cover Towergate’s 110-strong adviser business. Mortgage broker John Charcol is expected to retain its existing identity. Palatine Private Equity completed a £14m deal in support of last month’s management buyout, backing Towergate Financial chief executive Warren Page to lead the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. Silly woman – she should have emigrated to Switzerland. (or some other benign jurisdiction)

  2. Viva la revolution !!!

  3. E L Wisty (an only twin) 14th April 2015 at 9:20 am

    Saw her photo in The Guardian this morning. She looks uncannily like Barry Manilow in drag.

  4. Compliance Manager 14th April 2015 at 9:25 am

    Ahh, our naive cousins acrsoss the Chanel.

    Her lawyer could have advised her how to make up a better defence, she would have come up smelling of roses.

  5. Glad to see it. They should do more of that here along with seizing and selling assets quickly to get the tax owed. Never mind the mollycoddle attitude to get the tax. Go in hard, go in fast and get the issue resolved with the tax owed paid plus a whopping fine into the bargain. It is time these parasites were brought down a peg or 2.

  6. PS those “professionals” who personally recommended the course of action and those who facilitated the transactions should also be severely financially penalised too if the individual is found guilty of committing an offence. By definition those that help the offence occur are guilty of aiding and abetting. IMHO of course

  7. PC in Shropshire 14th April 2015 at 10:38 am

    This has a bit of a whiff about it

  8. @Marty
    So you’re a Labour voter then?

  9. @Harry
    Oh dear, not as long as my ass looks south would I vote Labour. I am a great believer in the Tory way of life. I obviously didn’t put the point across clearly enough. My point was, that if the accused deliberately “hid” money in various parts of the world, undeclared when it should have been then they should have the book thrown at them as soon as possible as should those who got them to do it.
    Im off to the pub to have a few glasses of wine. Cheers

Leave a comment