Irani put funds into an overseas tax shelter arranged by Deutsche Bank AG that the IRS later deemed an illegal tax avoidance scheme. The Occidental Chairman opposed the U.S. Department of Justice subpoena of Deutsche Bank AG records as part of an investigation of myCFO Inc. His appeal was rejected by the U.S. Court of Appeals in 2006. Occidental's board of directors took no action against Irani despite the IRS ruling. An Occidental spokesman said that Irani's participation in the tax avoidance scheme was a personal matter and was not a violation of the company's code of conduct policy.