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NEWS: German prosecutors file charges in tax fraud case against four ex-Commerzbank staff

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A company logo is pictured at the headquarters of Germany's Commerzbank AG during the annual results news conference in Frankfurt, Germany, February 13, 2020. REUTERS/Ralph Orlowski

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By Tom Sims

GERMAN prosecutors have filed charges against four former employees of Commerzbank over alleged tax evasion for activity in 2008, the latest crackdown on an industry-wide scheme that cost taxpayers billions of euros.

The practice, which flourished during the financial crisis and has since ensnared scores of banks and hundreds of individuals, involved the stock trading of German companies around dividend payout days. Authorities say it defrauded the state and taxpayers.

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NEWS: FinCEN warns of growing US hospice fraud threat

NEWS: FCA bans former SVS Securities CEO over pension fund failings

 Premium

NEWS: Zelenskyy fires top aide amid mounting corruption and money laundering claims

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