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Banker Had No Way of Knowing Tax Trade Was a Scam, Lawyer Says

  • Detlef M. tried by same court that gave colleague 5 1/2 years
  • Defense lawyer rejects all charges against the ex-banker
The M.M. Warburg and Co. bank building in Hamburg, Germany. 

The M.M. Warburg and Co. bank building in Hamburg, Germany. 

Photographer: Morris MacMatzen/Getty Images

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An ex-senior manager at M.M. Warburg & Co. had no way of knowing that deals struck a decade and scrutinized as part of the Cum-Ex scandal may have been a scam, his defense lawyer said at the start of a German trial. 

Detlef M., former managing director of Warburg Invest, the lender’s investment arm, appeared in a Bonn court on Thursday accused of participating in a scheme that lost the country 157 million euros ($184 million). The 63-year-old is in the same courtroom where his ex-colleague Christian S. was sentenced to 5 1/2 years in prison.