A recent shake up involving some of Europe’s most well-known multi-millionaire names and longstanding brands started making headlines last month. According to a breaking news report by Bloomberg Businessweek, two of Jean-Marc Forneri’s closest associates were found guilty by a French judge of asset concealment and tax evasion this past June.
Jean-Marc Forneri, a high-profile banker who passed away in 2020 while under investigation for tax evasion, conspired with two of his aides. John Metzger; his Swiss lawyer, and Michel Glas; his wealth manager, were found guilty of assisting Forneri in hiding over $8 million from the government in unreported accounts leading to one of Forneri’s Bahama-based companies and Credit Suisse stock options.
These two cases are part of a larger operation by France’s Parquet National Financier which also uncovered €18.7 million of undeclared funds by the tax lawyer of Arlette Ricci, an heiress to the French fashion house Nina Ricci, back in 2015.
Metzger was sentenced to 18 months in prison and a €300,000 fine, while Glas received a year-long suspension and €150,000 fine. Both men have announced plans to appeal their case. “Neither of them had anything to do with the secret Morgan Stanley millions and both say they had no idea Forneri’s tax affairs were in such shambles,” writes Bloomberg’s Paris legal reporter Gaspard Sebag.
Both men’s cases are clear examples of how even those working under the direction of their clients, even if unknowingly committing fraud, may be regarded as accomplices and held accountable for failure to raise concerns with authorities. It’s important to retain an experienced attorney that can advise you and provide legal defense in the event that one of your clients comes under investigation. To set up a confidential consultation with our team, please call (305) 455-5206.
