Fresh Take on Maple Bank Executives Under Scrutiny for Cum-Ex Stock Tricks
Additional ex-bankers facing charges for Cum-Ex share transaction schemes - Former bank employees accused of involvement in Cum-Ex stock transactions
Here's a lowdown on the latest scoop from Frankfurt's legal eagles eyeing Cum-Ex stock maneuvers that duped the government. The General Prosecutor's Office in Frankfurt has slapped charges on three ex-top guns from the Maple Bank Group, with allegations of aggravated tax fraud.
The Maple saga revolves around phony tax certificates, craftily used to snatch €374 million from the tax man for the years 2006 through 2009. The now-defunct Canadian bank was yanked off its feet by the financial watchdog Bafin in 2016 due to the perilous state of its books, thanks to Cum-Ex transactions.
In Cum-Ex plays, investors would pull off a swindle on tax authorities during the dividend record period. It involved trading stocks with (cum) and without (ex) dividend rights. These fishy deals landed the taxpayers on the hook for unpaid taxes, which ultimately got refunded. The government nailed the loophole in 2012, and the Federal Court of Justice followed suit in 2021, labeling Cum-Ex exercises as tax evasion.
At the forefront of the accused is the former chief honcho of the parent company, who doubled as the chair of the German Maple subsidiary's supervisory board. The 67-year-old is being fingered for hopping aboard the Cum-Ex bandwagon early on, masterminding and green-lighting the illicit deals. The other two suspects on the hook are a 64-year-old Brit and a 57-year-old German national.
Previously, a number of Maple Bank renegades have earned stiff jail sentences for their part in the Cum-Ex charade. Meanwhile, other Cum-Ex cases are still in the works.
- prosecution
- tax evasion
- Cum-Ex transactions
- Frankfurt am Main
- CEO
- General Prosecutor's Office Frankfurt
In recent happenings, German authorities have zeroed in on other entities rather than the Canadian Maple Bank Group, but charges have been levied against ex-Maple Bank bigwigs relating to a different entity (not to be confused with the Canadian Maple Bank Group). Here's the skinny on the broader Cum-Ex and Cum-Cum probes:
- Charges Against Former Maple Bank Executives: On May 14, 2025, the Frankfurt Public Prosecutor's Office brought charges against three former Maple Bank bosses for alleged tax evasion linked to Cum-Ex shenanigans[1].
- Cum-Cum Investigations: The German authorities have expanded their focus towards Cum-Cum tricks. In March 2025, the Frankfurt Higher Regional Court gave the nod for prosecutors to proceed with charges against former bigwigs from Deutsche Pfandbriefbank for tax evasion tied to Cum-Cum manipulations[2].
- Industry-Wide Probes: Deutsche Bank, too, is under the microscope of regulatory and law enforcement bodies for its participation in Cum-ex funnies, which might significantly impact the bank's financial figures[3].
- Inspections and Probes: Other financial specters, such as Morgan Stanley, Barclays, Bank of America, and Merrill Lynch, have felt the heat of investigations in the Cum-Ex scandal unraveling[4].
The Canadian Maple Bank Group's former CEO or managers are notable missing from these investigations' headlines. The term "Maple Bank" in this context refers to a distinct entity.
- The General Prosecutor's Office in Frankfurt has initiated charges against three former executives of the Maple Bank Group, with allegations of tax evasion related to Cum-Ex stock maneuvers.
- In a broader investigation, the Frankfurt Higher Regional Court has allowed prosecutors to proceed with charges against former executives from Deutsche Pfandbriefbank for tax evasion tied to Cum-Cum manipulations.
- Deutsche Bank is under scrutiny from regulatory and law enforcement bodies for its involvement in Cum-ex transactions, which could have a significant impact on the bank's financial figures.
- Other financial institutions like Morgan Stanley, Barclays, Bank of America, and Merrill Lynch are facing investigations in relation to the Cum-Ex scandal unraveling.
Although the Canadian Maple Bank Group's former CEO or managers are conspicuously absent from these investigations, it's crucial to note that the term "Maple Bank" in this context refers to a separate entity.
