Guccio Gucci, the great-grandson of the founder of Gucci, is under house arrest following accusations of fraudulent bankruptcy. He has been accused of fleecing his own fashion company to pay off some personal debts. Previously in 2012, the Florence-based entrepreneur lost a court case brought by the Italian fashion house Gucci, there were complaints that the use of the family name on his To Be G collection of handbags would cause confusion with Gucci merchandise.
According to WWD reports, Guccio Gucci filed for bankruptcy for the company in December 2013. He is now being accused of diverting a total of €800,000 worth of assets from the now defunct firm. Guccio Gucci who used to work for the family firm is reportedly being charged with bankruptcy for €800,000 and fraudulent tax evasion of €400,000.