Cum-ex lawyer Hanno Berger given eight-year sentence
15 December 2022 Germany
Image: KAI PFAFFENBACH/REUTERS
Hanno Berger, a German lawyer accused of defrauding Germany tax authorities through cum-ex trading and tax evasion, has been sentenced to eight years in jail.
In its final decision, announced yesterday by the Bonn courts, Berger has been required to repay more than €13.5 million that he was deemed to have generated illegally through cum-ex trades and tax improprieties. His eight-year sentence was the longest to be handed out so far to a person convicted of cum-ex related malpractice in Germany.
As reported in SFT, Berger was extradited from Switzerland to Germany in February to face charges of improprieties which are believed to have cost the German tax authorities at least US$100 million, although the final figure may be much higher.
Berger persistently rejected the charges throughout his eight-month trial in Germany and opposed the decision of the Swiss authorities to extradite him to his native Germany.
There has been a step up in enforcement actions in Germany after successful prosecutions were confirmed in the German courts over the past three years.
In March 2020, two UK bank employees were given suspended sentences following their involvement cum-ex activities.
In June 2021, a former execution of MM Warburg received a five-year sentence from judges in Bonn, having been convicted of aggravated tax evasion connected with cum-ex trades.
In February 2022, another MM Warburg employee was sentenced to 3.5 years in prison on related charges.
In its final decision, announced yesterday by the Bonn courts, Berger has been required to repay more than €13.5 million that he was deemed to have generated illegally through cum-ex trades and tax improprieties. His eight-year sentence was the longest to be handed out so far to a person convicted of cum-ex related malpractice in Germany.
As reported in SFT, Berger was extradited from Switzerland to Germany in February to face charges of improprieties which are believed to have cost the German tax authorities at least US$100 million, although the final figure may be much higher.
Berger persistently rejected the charges throughout his eight-month trial in Germany and opposed the decision of the Swiss authorities to extradite him to his native Germany.
There has been a step up in enforcement actions in Germany after successful prosecutions were confirmed in the German courts over the past three years.
In March 2020, two UK bank employees were given suspended sentences following their involvement cum-ex activities.
In June 2021, a former execution of MM Warburg received a five-year sentence from judges in Bonn, having been convicted of aggravated tax evasion connected with cum-ex trades.
In February 2022, another MM Warburg employee was sentenced to 3.5 years in prison on related charges.
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