Ex-Fortis Banker Convicted Over €51.5 Million Cum-Ex Tax Cheat
- Frank H. was sentenced to 3 1/4 years for role in the scandal
- Fortis unit’s subsequent owner ABN Amro has returned the money
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An ex-Fortis banker was sentenced to three years and three months for his role in the Cum-Ex tax trading scandal.
A panel of five judges found the man guilty on Monday after two months of trial in Frankfurt. The German who can only be identified as Frank H. was on trial for siphoning off €51.5 million ($55.3 million) through the deals. ABN Amro NV, which has taken over the part of Fortis that carried out the trades, has returned the money to the tax authorities.