Maple Bank Execs Face Fresh Tax Evasion Charges in Cum-Ex Scandal
Former bank employees indicted for Cum-Ex share scheme involvement - Bankers Charged over Involvement in Cum-Ex Stock Transactions
The Frankfurt legal system is cranking up the heat on Cum-Ex stock fraud investigations that swindled public coffers. The Frankfurt Prosecutor's Office has slapped three more high-ranking ex-managers from the Canadian Maple Bank group with charges of suspected serious tax evasion.
The Maple case revolves around falsified tax certificates that enabled the bank to wrongfully claim €374 million for the years 2006 to 2009. Due to insolvency from Cum-Ex deals, the financial regulator Bafin shuttered the institution, which had roots in Canada.
The prosecutor's office has taken their former CEO into custody. Allegedly, this high-ranking executive was entangled in the initial planning and execution of the Cum-Ex deals, later approving them. The 67-year-old former CEO served as the chairman of the supervisory board of the German Maple subsidiary. A 64-year-old British national and a 57-year-old German are also in the crosshairs of the investigation.
The Cum-Ex scandal saw investors seizing a financial loophole between 2006 and 2011. They engaged in the charade of trading stocks with (cum) and without (ex) dividend claims around dividend recording dates, causing tax authorities to unknowingly refund unpaid taxes. In 2011, authorities closed this loophole, and the Federal Court of Justice deemed these transactions as acts of tax evasion in 2021.
The German authorities have shown zero tolerance for such financial skullduggery, as several previous Maple Bankers have already been handed prison sentences running into several years. Simultaneously, various ongoing proceedings pertaining to the Cum-Ex complex continue to unfold.
While law enforcement authorities have been active in combating Cum-Ex and Cum-Cum-related tax evasion, the specifics about Maple Bank's alleged involvement are yet to be fully disclosed. The wider context points toward ongoing efforts by German authorities to curtail complex financial crimes.
- German Public Prosecutor's Office
- Tax Evasion
- Frankfurt
- Maple Bank
- CEO
Enrichment Data:
The Cum-Ex scandal, involving complex financial transactions That exploited tax loopholes, has resulted in substantial financial losses for governments across Europe, with Germany bearing the brunt of the damage[1][3]. The Frankfurt Public Prosecutor's Office has been actively pursuing charges related to these schemes, taking three former Maple Bank executives into custody for suspected serious tax evasion[1]. However, specific details about Maple Bank’s role in the Cum-Ex scheme remain limited[1].
The Cum-Ex scandal has resulted in newfound attention for another fraudulent practice called Cum-Cum transactions. These financial transactions involve non-resident investors transferring shares to German-resident entities before dividend dates to claim tax refunds. German authorities now view these practices as tax abuse[2]. Simultaneously, in March 2025, the Frankfurt Higher Regional Court permitted charges to proceed against former executives of Deutsche Pfandbriefbank for tax evasion related to Cum-Cum transactions[2].
- The German Public Prosecutor's Office is investigating three former executives from Maple Bank, including its ex-CEO, for suspected tax evasion in the Cum-Ex scandal, a complex financial crime that exploited tax loopholes and resulted in significant financial losses for European governments, particularly Germany.
- The ongoing Cum-Ex investigation, with Maple Bank as a focus, falls under the purview of business and general-news, and recent developments highlight the need for stringent employment policies to prevent tax evasion within the finance sector, particularly in the context of crime-and-justice.
