Criminal Conviction in Cum-Ex Proceedings
In the first major criminal case in the Cum-Ex complex, the Regional Court of Bonn pronounced a judgment on 18 March 2020 (file number 62 KLs 1/19). Two defendants, both British citizens, were sentenced to suspended sentences. In addition, large sums of money were confiscated.
One of the defendants was sentenced to a total of 1 year 10 months imprisonment for tax evasion in 10 cases and aiding and abetting tax evasion in another case. Execution of the sentence was suspended on probation. In addition, it was ordered to confiscate the value of proceeds of crime in the amount of 14,000,000.
Another defendant was sentenced to a total prison sentence of 1 year for aiding and abetting tax evasion in 5 cases. Execution of the sentence was suspended on probation too.
The value of criminal proceeds in the amount of EUR 176,574,603 was confiscated from a bank.
In its reasoning, the court stressed that the cum-ex transactions were manifestly illegal and that those persons who participated in them were also acting with criminal intent.
In favor of the defendants, the court acknowledged their confession and their extensive cooperation, which has contributed significantly to the clarification of the crimes.
