Nina Ricci heiress jailed for fraud

Finance General News
Nina Ricci heiress convicted of Fraud
Nina Ricci heiress convicted of Fraud
The Paris court sentenced Arlette Ricci to a term of imprisonment in the HSBC deal.

The heiress of the fashion and perfume house Nina Ricci was sentenced Monday to three years in prison, two of which were suspended, a one million euro fine and the consfiscation of two properties for tax fraud.

Arlette Ricci, the heiress of the famous fashion house is one of the first to be charged and found guilty of systematic tax evasion of a large-scale tax fraud through the Swiss arm of HSBC.

Ms Ricci, 73, was also ordered to repay millions in unpaid taxes, with the exact sum to be decided later. The tax authorities are demanding she repay €6.7m in unpaid income tax and penalties, €3.5m in unpaid wealth tax and penalties plus another €200,000 fine.

She has consistently denied the charges and can appeal the sentence, which also included a two-year suspended jail term. Her 51-year-old daughter was also given a suspended jail sentence, of eight months.

The Paris court said that “for more than 20 years she showed a particularly determined will” to hide €18.7m from the French taxman in Swiss accounts which she inherited after her father’s death.

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