London Fund Founder Faces Over 5 Years in Jail for Cum-Ex (1)

Henry Gabay, founder of now defunct London-based asset manager Duet Group, should be jailed for five years and 10 months for the illegal Cum-Ex deals his firm managed, prosecutors told a German court.

Gabay’s former Duet partner Osman Semerci should get three years and 10 months, Cologne prosecutors said on Tuesday, delivering their closing arguments at the long-running trial. A verdict is expected Thursday.

Gabay and Semerci are facing charges over their alleged role in a wider scandal over the Cum-Ex trading ploy, which gamed the dividend tax system to pass vast sums from Germany’s treasury into the hands ...