Tag: Fraud

Tax fraud is a form of deliberate evasion of tax which is generally punishable under criminal law. The term includes situations in which deliberately false statements are submitted, fake documents are produced, etc.

Spain vs. Afinsa and Filatelico, Nov. 2017, Supreme Court, Case no 4008/2017

Spain vs. Afinsa and Filatelico, Nov. 2017, Supreme Court, Case no 4008/2017

The Supreme Court of Spain ruling in the Afinsa Tangibles SA stamp-fraud case – a pyramid scheme that cheated 350,000 people out of billions of dollars. One of the biggest fraud cases in the history of Spain. In May 2016, the head offices of two investment firms, Forum Filatelico and Afinsa Tangibles, were sealed off by 300 police officers who seized documents, bundles of banknotes worth €10 million and various works of art. The directors of the companies was accused of fraud, embezzlement, criminal insolvency, money laundering and tax evasion. Although Forum Filatelico reported post-tax profits of nearly €90 million in 2004, investigations revealed that both companies were effectively bankrupt, with more than €3.5 billion unaccounted for ... Continue to full case