The German lawyer, Hanno Berger, widely recognized as the central figure behind the Cum-Ex tax scandal, recently lost his appeal against his conviction. The scheme that he masterminded robbed billions of euros from government coffers and drew in a number of Wall Street’s major banks.
The appeal was brought before the Federal Court of Justice, which is Germany’s highest criminal court, and was subsequently dismissed, according to insiders familiar with the court proceedings. At this stage, the ruling hasn’t been made available to the public.
Previously, in December, Berger had been convicted by a court in Bonn, which resulted in him being sentenced to eight years in prison. In addition to this, the court ordered the seizure of €13.7 million ($14.5 million) from the lawyer.
By orchestrating the Cum-Ex tax scheme, Berger caused a far-reaching scandal that not only battered Germany’s finances but also implicated a number of distinguished banks based on Wall Street. The dismissed appeal marks yet another pivotal moment in this ongoing legal saga.
For more detailed coverage, follow the full report on this case.