London Bankers Avoid Jail Time in First German Cum-Ex Trial
- Shields, Diable get suspended terms for Cum-Ex transactions
- M.M. Warburg ordered to give up 176 million euros of profit
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Two former London investment bankers were convicted of tax evasion at Germany’s first trial over so-called Cum-Ex trades in a landmark ruling that could lead to hundreds more cases.
The bankers, Martin Shields and Nicholas Diable, were able to avoid jail by cooperating with prosecutors. The Bonn court gave both of them suspended prison terms, according to a spokesman.