Nina Ricci heir sentenced to prison, millions in fines over French tax fraud after HSBC leaks

Markets Associated Press

The heiress of the fashion and perfume house Nina Ricci has been sentenced to a year in prison and ordered to pay heavy fines and back taxes for having hidden millions of euros in HSBC bank accounts in Switzerland.

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Monday's ruling was the first involving a famous name in the so-called Swissleaks scandal, in which a former HSBC employee gave authorities thousands of names of suspected tax evaders. Other trials are expected to follow.

A Paris court convicted Arlette Ricci, 73, granddaughter of designer Nina Ricci, of tax evasion and money laundering. The court ordered a 1-million-euro fine and the confiscation of two properties worth 4 million euros.

The court ordered Ricci, a lawyer and two companies to pay millions in back taxes.

Her lawyer is deciding whether to appeal.