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Bankers Told to Expect Convictions in $441 Million Cum-Ex Scheme

Feb. 17, 2022, 3:02 PM

Four former bankers at bankrupt Maple Bank GmbH were warned to expect convictions for their roles in so-called Cum-Ex transactions that robbed 388.6 million euros ($441 million) from German taxpayers.

Their trades were set up to cream off refunds for taxes that were never paid, Presiding Judge Werner Groeschel said at a hearing in Frankfurt on Thursday.

“There’s a high likeliness that all four will be convicted,” Groeschel warned them as he read out a preliminary view of the five judges in the case. “We suggest that you talk to prosecutors to see whether we can now shorten this trial ...