Nina Ricci heiress has been found guilty and sentenced to one year in prision along with a two million euro fine.
A Paris court found the famous figure guilty of tax fraud following the SwillLeaks scandal.
The court has said that 73-year old Arlette Ricci was found guilty of hiding more than 18.7 million euros ($19.8 million US) that she inherited from her father “for more than 20 years with particular determination.” Ricci also had more than 4 million euros in property confiscated in Corsica and Paris.
Ricci is also being told she must pay 10.5 million euro in unpaid taxes, fines and penalties.
Ricci denies the charge that she hid the money.
She was handed a two-year suspended sentence on top of her jail term, which applies only if she reoffends. Her tax lawyer was also given a one-year suspended sentence and ordered to pay a 10,000 euro fine.
Prosecutors were seeking a two-year jail term and three million euro fine.
In February, France’s Le monde, in combination with other international news sources, revealed an HSBC Swiss arm scandal that allegedly helped more than 120,000 of their clients hide 180.6 billion euro from tax authorities.
According to an investigation, the Swiss unit allegedly arranged for about 9,000 French clients to tuck away more than 5 billion euros in shell companies, offshore accounts and trusts.
The Nina Ricci house was founded in Paris in 1932 and quickly became famous for its slender fashion lines and classic fragrance, L’air du Temps.