More Charges for Former Maple Bank Execs Over Cum-Ex Scams
Additional former bank employees indicted for participation in Cum-Ex dividend stock transactions - Former Bank Employees Accused of Involvement in Cum-Ex Stock Transactions
Hey there! Buckle up, folks, as we delve into the latest on the Cum-Ex stock deals debacle. The Frankfurt prosecution refuses to back down in its investigation into these shady deals that swindled the public.
The Frankfurt General Prosecutor's Office has slapped charges on three more ex-high-ups from the Maple Bank crew, accusing them of aggravated tax evasion. Allegedly, the Maple case involves phony tax certificates that allowed the bank to snag a cool €374 million over the years 2006 to 2009.
This financial institution, with Canadian roots, bit the dust in 2016, as it teetered on the brink of insolvency due to its trouble with Cum-Ex transactions. The financial regulator, Bafin, pulled the plug.
The Big Cheese to Face Music
Cum-Ex deals, which peaked between 2006 and 2011, exploited a gaping hole in the legal system. During the dividend record date, these folks traded stocks with (cum) and without (ex) dividend rights, causing a mess that led to refunds on unpaid taxes. The state sealed that loophole in 2012, and in 2021, the Federal Court of Justice declared that Cum-Ex transactions are, indeed, a form of tax evasion.
In the hot seat this time around is the ex-boss of the parent company, who also held the reins on the German Maple subsidiary's supervisory board. The septuagenarian is accused of jumping in early on the planning and execution of the Cum-/Ex transactions and giving 'em the green light. Accused alongside him are a 64-year-old British citizen and a 57-year-old German citizen.
Several former Maple Bankers have already been slapped with multi-year prison sentences, and other related proceedings concerning the Cum-Ex complex are still underway.
- tax evasion
- prosecution
- Frankfurt am Main
- CEO
- General Prosecutor's Office Frankfurt
Enrichment Data:
- The investigation revolves around Cum-Ex stock deals that have swindled the public out of substantial amounts of money.
- The accused are part of a larger group of former Maple Bank executives facing charges for their involvement in these fraudulent transactions.
- The General Prosecutor's Office in Frankfurt alleges that the defendants acted with a serious intention to defraud the state by means of false tax certificates.The shady Cum-Ex transactions led to the improper claims of millions in tax refunds and the eventual insolvency of the bank, leading the financial regulator, Bafin, to intervene.Existing charges against former Maple Bankers have resulted in lengthy prison sentences, highlighting the severity of the misconduct.
- The General Prosecutor's Office in Frankfurt is investigating the former Maple Bank executives due to their involvement in the Cum-Ex stock deals, which are alleged to be a form of tax evasion.
- The investigation in Frankfurt am Main, led by the General Prosecutor's Office, includes charges against the ex-CEO and several others, accused of using false tax certificates to defraud the state and swindle the public out of substantial amounts of money.
