Ex-Commerzbank Staff Charged in Cum-Ex Tax Fraud
German prosecutors filed charges against four former Commerzbank employees over a 2008 cum-ex tax fraud scheme. The trading practice allegedly cost the state of Hesse twenty million euros.
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German prosecutors charged four former bankers with tax evasion tied to 2008 dividend trading schemes that cost the state of Germany €20 million. The Frankfurt state prosecutor's office announced the charges on Thursday morning, targeting two British citizens, one German, and one American aged 59 to 66. The investigation is part of a broader European crackdown on cum-ex trading, an industry-wide practice that drained billions from public coffers during the financial crisis.
