Ex-Varengold Board Member Convicted in German Cum-Ex Probe (1)

A former management board member at Varengold Bank AG was convicted for his role in Cum-Ex transactions and handed a one-year suspended prison sentence.

The Bonn Regional Court, which delivered the the verdict on Thursday, also seized €1.6 million ($1.9 million) of his assets, according to a spokesman for the tribunal.

The man, who can only be identified as Hans D., is one of the main informants in probes into the scandal over a widespread dividend tax scam that embroiled some of the world’s biggest banks. He uncovered new information and very early in the process repaid €1.5 million of ...