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Italian designers Dolce and Gabbana convicted of tax evasion

Fashion designers Domenico Dolce and Stefano Gabbana were handed a 20-month suspended prison sentence and a heavy fine on Wednesday for hiding hundreds of millions of euros from the Italian tax authorities. The design duo...will lodge an appeal against their conviction on charges that they have always denied...The judge ruled that the pair sold their brand to Luxembourg-based holding company Gado in 2004 to avoid declaring taxes on royalties of about 1 billion euros. Public prosecutor Laura Pedio told the court in her closing arguments that the designers were "well aware that they would reap a tax advantage from this transaction."...The designers have always said they are innocent. "Everyone knows that we haven't done anything," Gabbana tweeted in June 2012 after the trial was ordered.