Frankfurt prosecutors have charged four former Commerzbank employees for their alleged roles in Cum-Ex trades. The trades executed in 2008 allegedly caused more than 20 million euros in tax losses to the state of Hesse. The defendants include two British nationals, a German national, and an American, operating from London and Frankfurt. The Cum-Ex scheme involved rapidly buying and selling shares around dividend dates to generate multiple fraudulent tax refund claims on the same withholding tax. Recent German convictions in Cum-Ex cases have resulted in prison sentences, and estimates place total European damage at over 55 billion euros.
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