British Financier Charged in €46.5M Cum-Ex Tax Fraud Case

The Cologne prosecutor accuses the 54-year-old of orchestrating fraudulent transactions in 2010 that contributed to Germany's largest tax scandal.

A British financier has been charged by the Cologne prosecutor for allegedly causing €46.5 million in tax losses through Cum-Ex trading schemes.
The accused, currently in custody in Denmark after a 2024 conviction for tax evasion, faces charges of severe tax evasion in three cases.
The 2010 transactions involved an Irish fund and a London investment firm, exploiting loopholes to claim tax refunds on unpaid taxes.
Cum-Ex schemes, active primarily from 2006 to 2011, cost the German state billions by manipulating stock trades to generate illegitimate tax refunds.
The Cologne prosecutor is handling over 130 ongoing Cum-Ex cases involving approximately 1,700 suspects, highlighting the scale of the scandal.