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

Related Posts

Previous Post
Basel Committee assesses Hong Kong, Singapore and Indonesia implementation of the Net Stable Funding Ratio and large exposures framework
Next Post
Get the weekly SFM update – our March 20 newsletter is online

Fill out this field
Fill out this field
Please enter a valid email address.

X

Reset password

Create an account