Ex-London Bankers Appear in First German Tax Scandal Trial
- Pair accused over their role in ‘money-grabbing’ transactions
- BNY Mellon, Societe Generale may face seizure of funds
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Two former London investment bankers appeared in court on Wednesday in Germany’s first trial targeting a complex trading strategy that racked up massive tax losses for the nation’s treasury.
Martin S., 41, and Nicholas D., 38, appeared in court in Bonn, charged with orchestrating so-called Cum-Ex transactions from 2006 to 2011 that allegedly robbed the state of more than 400 million euros ($440 million). While they must stand trial under German law, they’ve been cooperating in a bid to avoid jail.