Maple Bank Executives Busted Over Tax Evasion Charges in Cum-Ex Scam Saga
Bankers previously employed in financial institutions charged for involvement in Cum-Ex stock scams - Additional former bankers indicted for Cum-Ex stock transactions
The Frankfurt prosecutors are raking up charges in the Cum-Ex stock trading scandal that saw the state ripped off tens of millions. The General Prosecutor's Office in Frankfurt has slapped three more ex-honchos of the Canadian Maple Bank group with suspicion of hefty tax dodging.
The Maple case centres on bogus tax certificates that the bank used to improperly grab €374 million for the years 2006-2009. The undercover outfit, founded in Canada, went belly up in 2016, under the watchful eye of financial supervisor Bafin, due to the rocky Cum-Ex transactions.
The former top dog, facing charges of masterminding the scam, is accused of greenlighting the sneaky stock swindles from the get-go. Also on the hot seat are a 64-year-old Brit and a 57-year-old German.
In Cum-Ex deals, shrewd investors manipulated a tax law loophole to pocket heaps of moolah. The dirty trick peaked between 2006-2011. In 2021, Germany's supreme court ruled these deceitful dealings amounted to tax dodging.
The three hoodwinkers are from Maple's parent company, with the 67-year-old Canadian bigwig serving as CEO and chair of the German subsidiary's supervisory board. The 64-year-old Brit and 57-year-old German joined him in the dance.
Other Maple rascals have been serving multi-year terms in the slammer. More Cum-Ex shenanigans are still being probed.
- prosecutors
- tax evasion
- investigation
- Frankfurt am Main
- CEO
- General Prosecutor's Office in Frankfurt
Going Deeper:
- Cum-Ex and Cum-Cum Scams: Frankfurt has been dealing with these intricate stock trading swindles since the early 2000s. these scams intended to exploit a loophole in taxation laws to pocket refunds on the same dividend payment by multiple parties. The strategies are now widely considered illegal and the focus of regulatory scrutiny[3].
- Maple Bank: founded in Canada, Maple Bank's German subsidiary was shuttered due to financial straits because of the complicated Cum-Ex transactions[5]. However, the public records do not provide specific details about Maple Bank's role in the Cum-Ex scam or its CEO's involvement[3].
- Dresdner Bank: While not directly linked to the Cum-Ex scandal, Dresdner Bank was embroiled in multiple financial controversies, ultimately resulting in its merger with Commerzbank in 2009[6].
The General Prosecutor's Office in Frankfurt is leading an investigation into the Cum-Ex stock trading scandal, where Maple Bank executives are suspected of tax evasion. In this case, the Maple Bank group is accused of using bogus tax certificates to improperly claim €374 million through tax dodging activities between 2006-2009. The CEO and other high-ranking officials from Maple's parent company are facing charges in connection with this matter.
