Keeping the Police on Their Toes: More Ex-Maple Bank Honchos Nabbed Over Shady Dividend Tricks
Former banking employees faced additional accusations in connection with Cum-Ex tax evasion stock transactions - Bankers former in the trade also indicted for illicit Cum-Ex stock maneuvers
Hey there! Let's chat about some shady business going down in Frankfurt, shall we?
The ol' law enforcement in Frankfurt ain't messin' around with those Cum-Ex stock deals that robbed the government blind. The General Prosecutor's Office in Frankfurt has slapped handcuffs on three more ex-honchos of Maple Bank group, suspicionnx of aggravated tax dodging.
According to the General Prosecutor's Office, the Maple case revolves around fabricated tax papers that allowed the bank to swindle €374 million from 2006 to 2009.
This Canadian-rooted bank was closed down by Bafin, the financial supervisor, in 2016 because it was teetering on bankruptcy due to Cum-Ex transactions.
Wanna know who's at the top of the food chain? The former CEO, baby! They gonna haul him in for questioning. Rumor has it, he was knee-deep in the planning and implementation of the Cum-Ex shenanigans from the get-go, giving the green light. Two other accomplices, a 64-year-old Brit and a 57-year-old German, were also snatched up.
It's worth mentioning that some ex-Maple Bankers have already received lengthy prison sentences. Other Cum-Ex-related court cases are still cookin' in the oven.
Lemme give you a lowdown on what's been unfolding with Cum-Ex deals: between 2006 and 2011, investors exploited a loophole, trading shares with dividend claims (cum) and without (ex). This shell game tricked tax authorities into refunding taxes that never should've been returned. The state shooed away that loophole in 2012, and in 2021, the Federal Court of Justice declared Cum-Ex deals as tax evasion.
Word on the street is that this ain't an isolated incident—there are ongoing investigations and charges related to Cum-Ex deals in Germany, and Maple Bank might be implicated. However, the specifics ain't entirely clear at the moment. Stay tuned for updates!
- prosecution
- tax evasion
- Cum-Ex deal
- Frankfurt am Main
- CEO
- General Prosecutor's Office Frankfurt
- The General Prosecutor's Office in Frankfurt continues to scrutinize the negative impact of Cum-Ex deals on the city's financial industry, as more ex-Maple Bank executives are being prosecuted for tax evasion.
- The community is closely following the ongoing investigations into Cum-Ex deals, with many business leaders expressing concern about the potential effects on banking and insurance, general news, and crime and justice.
- As the CEO of the Maple Bank group becomes a key figure in the investigation, questions about the bank's employment policy and compliance with financial regulations are gaining attention within the industry.
