Three More Ex-Maple Bank Executives Charged in Cum-Ex Tax Scam Saga
Former banking professionals face new charges linked to Cum-Ex stock operations - Accused co-conspirators, previously employed in banking, face charges for alleged Cum-Ex stock transaction schemes
Gear up as we delve into the gritty details of the ongoing investigation into the Cum-Ex stock deals chicken game, led by the Frankfurt Public Prosecutor's Office. They've got their eyes on three more ex-managers from the Maple Bank group, slapping them with aggravated tax evasion charges.
These new accusations are part of the larger probe into Maple Bank's tangled web of Cum-Ex deals, although their identities remain hush-hush in the latest scoops.
The Maple Bank case revolves around bogus tax certificates, used to swindle the system out of €374 million in refunds between 2006 and 2009. This Canadian-rooted institution went belly-up in 2016 due to those shady Cum-Ex transactions. Bafin, the financial watchdog, had closed the bank since it was reeling from insolvency.
The Main Event
Unraveled between 2006 and 2011, the Cum-Ex deals were a genius (or rather, deceitful) ploy by investors, who exploited a loophole in the system. They traded stocks with and without dividend rights right before the dividend record date, tricking tax authorities into doling out unnecessary refunds. The German government plugged this loophole in 2012, and in 2021, the Federal Court of Justice declared these deals as tax evasion.
Among the newthree suspects, the CEO of the parent company has just been called to the stand. Allegedly, he's been parked in the hex since the planning and execution stages of the Cum-/Ex transactions, and approved them. Joining him are a 64-year-old Brit and a 57-year-old German.
It's worth mentioning that several ex-Maple Bankers have already been handed multi-year stints in the slammer. Other cases in the sprawling Cum-Ex tangle are still wending their way through the legal system.
In the Cum-Ex drama, we've also seen Hanno Berger, a German lawyer, land an eight-year sentence for his part in the tax bust. Johannemann, the former global tax chief at Freshfields, has been sentenced to three and a half years in jail.
If you're curious about Maple Bank's key players, keep tabs on B., their former UK security chief, and M., atypenameified target by the General Prosecutor's Office. B. previously spilled the beans in the initial Maple Bank trial, detailing how the Cum-Ex deals went down and admitting early recognition of their questionable legality. However, specific names of the recently charged trio are not yet disclosed in available updates.
The community policy of Maple Bank, a key player in the Cum-Ex tax scam saga, remains undisclosed as the Frankfurt Public Prosecutor's Office investigates three more ex-managers, including the CEO, for their alleged involvement in aggravated tax evasion linked to the Cum-Ex deals. Meanwhile, general-news sites report that finance and business sectors closely observe the unfolding case, with its ties to crime-and-justice, as several ex-Maple Bankers have already been sentenced for their roles in the scam.
