Ex-London Fund Managers Convicted Over Cum-Ex Tax Crimes (3)

Henry Gabay, founder of defunct London asset manager Duet Group, was sentenced to four years and 10 months in prison for his role in a Cum-Ex tax scheme that cost Germany about $100 million.

A German court convicted Gabay and ex-Duet partner Osman Semerciof aggravated tax evasion on Thursday. After a lengthy trial, the judges in Bonn sentenced Semerci, once a rising star at Merrill Lynch & Co., to three years and six months in jail.

Gabay, who has consistently claimed his innocence, and Semerci are the first high profile members of London’s financial community hit with ...