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How Former Fortis Bankers Orchestrated a €45M Tax Fraud
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Subscribe24 DEC 2025 / ACCOUNTING & TAXES
Two former bankers involved in the Fortis-linked Cum-Ex trades have been convicted of fraud in Germany after using high-speed share trading to claim multiple refunds on dividend withholding tax, leading to losses of €45 million for German taxpayers. The convictions follow a long-running investigation dating back to 2009, underscoring legal shifts in Germany towards treating Cum-Ex conduct more strictly and sending an important warning signal to finance professionals about tax evasion and financial fraud.
Money didn’t vanish. It was walked out the door with a receipt stamped “refund,” even though the tax was paid just once. That is the short version of how Germany lost €45 million in the Fortis-linked Cum-Ex trades, and why two former bankers are now stari...
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