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Ex-M.M. Warburg Boss Is First Top Banker Charged in Cum-Ex Scandal

  • Christian Olearius charged over damages exceeding $102 Million
  • His lawyer called the allegations against the banker unfounded
Christian Olearius 

Christian Olearius 

Photographer: P. Piel/ullstein bild/Getty Images

Former M.M. Warburg Chief Executive Christian Olearius became the first leading banker to be charged for allegedly taking part in the controversial Cum-Ex scandal that cost German taxpayers billions of euros.

Prosecutors in Cologne charged Olearius in relation to several instances of aggravated tax evasion, with losses to the government in excess of 100 million euros ($102 million), according to a person familiar with the matter.