HVB

The U.S. Internal Revenue Service filed charges against the German bank for helping KPMG provide fraudulent tax shelters to wealthy U.S. individuals. Between 1996 and 2002 HVB participated in a number of fraudulent tax shelter transactions and provided lending that was essential to the functioning of shelters that enabled wealthy individuals to evade more than $500 million in tax payments. HVB entered into a deferred prosecution agreement and will pay $29.6 million in fines and relinquishment of fees derived from sales of the shelters. (Feb-15-06) [MSN MONEY CENTRAL]

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