By Matthias Inverardi
A top German banker went on trial on Monday accused of playing a role in a multibillion-euro German tax fraud scheme that has ensnared scores of domestic and global banks and hundreds of individuals.
In the scheme, known as “cum-ex” or dividend stripping, banks and investors would swiftly trade shares of companies around their dividend payout day, blurring stock ownership and allowing multiple parties to falsely reclaim tax rebates on dividends.
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