Money | Deutsche Bank Deutsche Bank to Pay US $554M for Tax Fraud Bank allegedly sold fraudulent tax shelters By Kevin Spak Posted Dec 22, 2010 8:58 AM CST Copied In this April 28, 2009 file photo the CEO of Deutsche Bank Josef Ackermann leans at a bank logo in Frankfurt, Germany. (AP Photo/Michael Probst, File) Deutsche Bank has agreed to pay the US government $553.6 million to end an investigation into its alleged sale of fraudulent tax shelters, and avoid any criminal charges. The bank has admitted to taking part “in financial transactions which furthered the fraudulent tax shelters that generated billions of dollars in US tax losses” between 1996 and 2002, a New York district attorney general tells Deutsche-Welle. The bank says it has updated its products since then “to ensure strict adherence to the law.” Read These Next Trump voter who supported mass deportations could be deported herself. "Admiral Piett" of the Star Wars universe died from COVID. What makes a person cool? These six traits. Shooter opens fire on Texas Border Patrol Report an error