Dolce and Gabbana acquitted of tax evasion

Italy’s highest court has acquitted Domenico Dolce and Stefano Gabbana of tax evasion in a highly publicized case that led the Milan designers to close their Milan stores in protest for several days last year.

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The Court of Cassation in Rome overturned two lower court convictions in its decision Friday, ruling that no crime had been committed.

They had been found guilty in lower courts of failing to declare to Italian authorities 200 million euros ($268 million) through a Luxembourg company, even though a prosecutor had argued for dismissal.

Defence lawyer Massimo Dinoia argued before the high court that their acquittal on the more serious charge of misrepresenting income of 416 million euros indicated their innocence.

The high court also acquitted their tax preparer and two managers.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.