The judiciary has arrested a former banker allegedly involved in cum-ex stock transactions at the expense of the tax authorities. The Spanish police arrested the 56-year-old on Wednesday on the basis of a European arrest warrant, said the Frankfurt Public Prosecutor’s Office. The investigators accuse the former managing director of “leading (…) initiating a cum-ex short sale model and implementing it several times” in the years 2008 to 2010. The suspicion is tax evasion in particularly serious cases. The tax damage is said to be more than 51 million euros. According to SZ information, the arrest is related to investigations into former employees of Fortis Bank. The German branch of its legal successor ABN Amro has already been searched twice. The Frankfurt Public Prosecutor’s Office is extraditing the arrested bank manager to Germany.
Justice – Cum-Ex: Banker Arrested – Economy
