Ex-Warburg Bank CEO Stands Trial in $298 Million Cum-Ex Case (1)

Christian Olearius, the ex-head of M.M. Warburg & Co, appeared in a German court to stand trial over charges he was responsible for Cum-Ex tax deals at the lender that cost the nation €280 million ($298 million).

He’s accused of 14 counts of aggravated tax evasion between 2006 and 2019. Olearius, 81, knew all the details and approved the transactions at the lender, prosecutors claim. The ex-bank chief, who still owns 40% of the firm, has vigorously denied any wrongdoing.

Christian Olearius

Source: M. M. Warburg & Co.

The gains from the trades Olearius oversaw “weren’t generated via market opportunities but were based on fraudulently ...