Ex-banker convicted in massive German tax evasion scheme

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BERLIN (AP) — A court in Germany has convicted a former private banker of five counts of tax evasion in a case linked to a far-reaching scheme involving hundreds of suspects. The regional court in Bonn sentenced the former employee of Hamburg-based bank M.M. Warburg to five years and six months in prison and ordered him to repay 100,000 euros ($122,000). A court spokesperson said Tuesday’s verdict can be appealed. The defendant allegedly took part in so-called cum-ex transactions in which participants loaned each other shares to collect reimbursement for taxes they hadn’t paid. Officials allege that hundreds of bankers allegedly were involved in the scheme and defrauded taxpayers of billions of euros. 

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