Ricci heiress convicted for tax evasion using HSBC

The heiress to a major fashion empire has been sentenced to prison for tax evasion in the first of 50 cases expected in France.

Nina Ricci fashion modelA Paris court has found the heir to the Nina Ricci fashion and perfume company fortune guilty of tax evasion and sentenced her to three years in prison with two of them suspended.

The judges also ordered Arlette Ricci, 73, to pay a fine of €1 million ($1.05 million) and ordered the seizure of a house in Paris and property in Corsica, which together are worth about €4 million ($4.2 million).

Ricci’s is the first of about 50 cases of tax evasion expected to go to trial. An investigation by ICIJ and Le Monde based on files leaked from HSBC to French tax authorities revealed the details of Ricci's account. Officials in France used the leaked data to identify about 3,000 cases of tax evasion facilitated by HSBC Private Bank Suisse, which accommodated the financial needs of tax evaders, arms traffickers and others.

Ricci’s grandmother, who was born Maria Adelaide Nieli in Turin, created a business in France along with her son in 1932. Arlette Ricci inherited her fortune from her father and hid $22 million from tax authorities. According to the Guardian, the judges noted in sentencing her granddaughter, that she displayed a “particularly determined willingness for more than 20 years” to keep the money hidden.

Ricci may appeal the sentence. 

Read more about the impact from ICIJ's investigations, and find out how you can support ICIJ's work

Email newsletter Find out first! Receive ICIJ's investigations by email

IMPACT

Chilean president avoids removal after senate impeachment vote sparked by Pandora Papers

Nov 16, 2021
IMPACT

‘This has been a bipartisan failure’: US lawmakers call for investigation of Dominican Republic sugar industry

Nov 13, 2021
Panama Papers
IMPACT

Germany seeks arrest of senior Panama Papers lawyer

Nov 11, 2021
IMPACT

Denver museum to return looted relics to Cambodia after US moves to seize them

Nov 10, 2021
IMPACT

Chilean legislators impeach president after Pandora Papers revelations

Nov 09, 2021
IMPACT

Clamor for crackdown on hidden wealth jolts Sri Lanka elite following Pandora Papers revelations

Nov 01, 2021
ICIJ is dedicated to ensuring all reports we publish are accurate. If you believe you have found an inaccuracy let us know.