As was reported a couple of weeks ago, retired designer Valentino and his longtime business partner Giancarlo Giammetti were not, in fact, victims of Bernie Madoff's ponzi scheme, which had been reported as fact by several media outlets. That said, the two men are caught up in rather unsavory financial situation, nonetheless.
Apparently, the two men have been enjoying way too many swanky parties and good company over the years because they've managed to avoid paying taxes, so much so, they've been handed a bill to the tune of 33 million Euros by Italian tax officials. Ouch!
It should be said these same Italian officials filed similar charges against Dolce & Gabbana as well as Roberto Cavalli and all charges were eventually dropped. So the Valentino scandal could wind up being much adu about nothing. Still, this must be fairly embarrassing for the fashion icon.