Nina Ricci heiress found guilty of tax evasion in HSBC tax scandal investigation
Nina Ricci's heiress Arlette Ricci was on Monday sentenced for one year in prison after being found guilty of tax fraud.
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The granddaughter of perfume and fashion designer Nina Ricci was sentenced to three years in prison, with two of them suspended, and will also pay a €1m fine for trying to hide millions of euros in HSBC bank accounts in Switzerland.
Her daughter Margot Vignat was also given a eight-month suspended sentence and a €100,000 fine in damages.
The Swiss private banking arm of HSBC has been placed under a formal criminal investigation by French magistrates over alleged tax-related offences.
The investigation follows allegations against the bank earlier in the year that it's Swiss banking arm helped clients around the world evade taxes.
Ricci's arrest is the first involving a public figure related to the HSBC scandal.