(KUTV) A Utah bank is responding to revelations of its connections to a rich Russian.
This news came to light as part of the Paradise Papers, a large document dump that show how the rich and powerful hide their money.
One case involving Bank of Utah hits close to home.
The bank, which has 19 locations statewide, is the public face for a private deal involving Russian billionaire Leonid Mikhelson, according to The New York Times.
The Times says Bank of Utah helped Mikhelson -- who is a friend of Russian President Vladimir Putin -- register his private jet in the U.S. to save money on taxes. This, despite Mikhelson not having citizenship or a residence here.
The Times reports Bank of Utah did this by putting the plane in a trust account in the bank's name. It's one of more than 13-hundred similar arrangements the bank has.
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