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Deutsche Bank linked to US tax shelter probe

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Deutsche Bank linked to US tax shelter probe
Photo: DPA
17:11 CET+01:00
Deutsche Bank is at the centre of a US investigation into illegal tax shelters - named after cartoon character Homer Simpson - the New York Times reported on Tuesday.

A lawyer, John B. Ohle III, who was also trained as an accountant, has been indicted for charges that he sold the tax shelters while he was an executive at Bank One in Chicago before 2004, the paper reported. Deutsche Bank, called "Bank B" in the indictment, allegedly handled Ohle's financial transactions.

"The shelter, known as Homer, allowed wealthy clients to falsely generate bogus tax losses of nearly $430 million, and to evade taxes of $103 million, according to the indictment from prosecutors for the Southern District of New York, who are also leading the inquiry of Deutsche Bank," the paper reported.

Clients at both Bank One and law firm Jenkens & Gilchrist allegedly bought a total of 36 of these tax shelters, earning millions in bank fees, the indictment said.

Ohle's lawyer David Spears told the paper that his client "did not commit any crime, and we intend to defend the case vigorously at trial."

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