Jun 19

Dolce And Gabbana Sentenced To 20 Months In Jail For Hundreds Of Millions In Tax Evasion (ZeroHedge, June 19, 2013):

The latest casualty of Europe’s berserk pursuit of tax evaders everywhere: not some Russian oligarch with a $1 billion Cypriot bank account but famous Italian designers, Dolce and Gabbana. WSJ reports that a Milan court has convicted the designers Domenico Dolce and Stefano Gabbana of tax evasion. The pair were found guilty Wednesday of failing to declare €1 billion ($1.3 billion) in income tax to authorities. The court sentenced them both to one year and eight months in jail. Prosecutors argued that the pair had evaded taxes on income of €416 million each and €200 million through a Luxembourg-based company. The statute of limitations ran out on a charge of misrepresenting income. The designers have denied the charges.

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