Almost every major bank is now the focus of investigators because of involvement in cum-ex deals.
(Photo: imago images / Westend61)
Frankfurt Public prosecutors, tax investigators and police officers have been searching the offices of the US bank JP Morgan in Frankfurt’s Taunusturm since Tuesday morning. The aim of the raid is also several private apartments of suspects.
The 50 or so officers on duty secure traces of the bank’s possible involvement in illegal stock transactions. The background is the Cum-Ex scandal. According to Handelsblatt information, there are more than 20 suspects, including managers and employees from the compliance department.
The Latin term cum-ex stands for trading large packages of shares with (cum) and without (ex) dividends. The parties involved had capital gains taxes refunded that they had not paid at all. JP Morgan is said to have participated in classic cum-ex deals and later also used related models for tax evasion.
A spokeswoman for JP Morgan confirmed when asked that the bank’s Frankfurt offices were searched. As the investigation is ongoing, no comment can be made on the allegations. “We continue to cooperate with the German authorities,” said the spokeswoman.
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