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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

By

Karin Matussek and

July 5, 2022, 5:48 PM UTC

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.