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Lawyer to the Rich Made His Own $56 Million Windfall With Cum-Ex

Nov. 5, 2019, 5:00 AM

One year ago, a man calling himself Benjamin Frey appeared on German television wearing a fake chin, a gray wig, and thick glasses. His voice artificially distorted, the man told how he helped bankers, investors and traders extract billions from the country’s taxpayers—and how about 50 million euros ($56 million) of that money landed in his own pockets.

Last week, the same 48-year-old showed up as a witness in the first German trial over Cum-Ex, the controversial trading strategy described on TV. The mask was gone and he had to use his real name before the five judges in Bonn. ...