Bankers Accused of $472 Million Tax Scam Tried in Germany (1)

Five former bankers at bankrupt Maple Bank GmbH appeared in a Frankfurt court on Monday accused of orchestrating Cum-Ex transactions costing German taxpayers 388.6 million euros ($472 million).

Ex-Chief Executive Officer Wolfgang Schuck, 67, two former board members, a trader and a bank officer were involved in trades from 2006 to 2009 to obtain illegal tax refunds, prosecutors claim.

It’s the fourth trial in Germany over Cum-Ex, a trading strategy that lawmakers say robbed the government of at least 10 billion euros in revenue. Named for the Latin term for “With-Without,” Cum-Ex took advantage of German tax laws that seemed ...