UK pair accused of defrauding German state through ‘cum-ex’ share trading scheme.
Two British investment bankers have gone on trial in Bonn in what German media have called “the biggest financial fraud trial” in the country’s postwar history.

The two British citizens, Martin Shields, 41, and Nicholas Diable, 38, are accused of having defrauded the German state of €447.5m (£405m) from London’s banking district with so-called cum-ex trading schemes, a complex shell game of share transactions.

Cum-ex transactions work by trading shares at high speed on or just before the dividend record date – the day the company checks its records to identify shareholders – and then claiming two or more refunds for capital gains tax which had in fact only been paid to the state once…..theguardian.com

Cum-Ex- UK Bankers on Trial /C.Ohde

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