Legal
Bankers Should Get Years in Jail for Maple’s Role in Tax Scheme, Court Told
- Frankfurt prosecutors deliver closing arguments in Maple case
- American banker should get highest term: 5 years and 9 months
This article is for subscribers only.
Four former bankers at bankrupt Maple Bank GmbH should get as much as almost six years in prison for their role in a Cum-Ex case that allegedly cost German taxpayers 388.6 million euros ($388.1 million), prosecutors asked a German court.
One of the accused, a 58 year-old American, should get the highest term and serve five years and nine months, Frankfurt prosecutors said in closing arguments on Monday, according to a spokesman for the court. Ex-Chief Executive Officer Wolfgang Schuck, 68, should get five years and three months, while a 51 year-old trader should get three years and nine months. Another 62 year-old banker who cooperated with prosecutors should be handed a suspended sentences, according to the prosecutors.