FT: Two former London bankers convicted in first cum-ex scandal trial, jail sentences suspended

Two former London bankers were found guilty of tax evasion in the first German trial to rule on the legality of a controversial set of share trades that authorities claim robbed them of billions of euros of revenues.

Martin Shields, a former London-based employee of HypoVereinsbank, was found guilty of tax evasion by a court in Bonn late on Wednesday. His former colleague Nicholas Diable was convicted of aiding and abetting tax evasion in a trial that started in September last year but was expedited as the coronavirus outbreak spreads across Germany.

The two men received suspended jail sentences after co-operating with prosecutors. Mr Shields, who was given a suspended sentence of 22 months, was also ordered to pay back €14m he made from the trades.

The full article is available at https://www.ft.com/content/550121de-69b3-11ea-800d-da70cff6e4d3

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