Ex-Avana Partners Risk 6 Years in Prison Over Cum-Ex Role (1)

Two former partners of a now-defunct German asset management firm should expect prison terms of 5 to 6 years if convicted over their alleged roles in the Cum-Ex tax trading scandal, a Munich court said on the first day of their trial.

Judges called the prospective jail time “adequate” at a recent meeting with prosecutors and lawyers for the two founders of Avana Invest GmbH, according to a memo read out at a hearing on Thursday. The terms reflect mitigating circumstances, including their confessions. Without them, sentences should be 6 to 8 years, prosecutors said at the ...