Categories: World

Former German tax inspector sentenced to over 8 years in prison for one of biggest frauds in country’s history

close Video

Fox News Flash top headlines for May 30

Fox News Flash top headlines are here. Check out what’s clicking on Foxnews.com.

Hanno Berger, a former tax inspector turned legal tax expert, was sentenced on Tuesday to eight years and three months in jail by a court in Wiesbaden, as the nation comes to terms with one of its biggest post-war frauds.

Berger had already been sentenced to eight years in jail in December after a similar trial. He has been the most high-profile professional to be convicted after sprawling investigations into the cum-ex dividend stripping scheme, which some experts estimate has cost German taxpayers around $11.01 billion.

Berger, who fled to Switzerland in 2012 before being extradited to Germany in February, was accused of having caused tax damage of around 113 million euros with cum-ex transactions from 2006 to 2008.

72-YEAR-OLD KEY FIGURE IN GERMAN TAX SCAM CASE CONVICTED, SENTENCED 8 YEARS

The public prosecutor had demanded a prison sentence of 10 and a half years and the confiscation of assets.

Hanno Berger, a former German tax inspector, speaks with his lawyer before his verdict in a regional court in Bonn, Germany on Dec. 13, 2022.  (REUTERS/Wolfgang Rattay/File Photo)

Germany and Denmark are leading cross-border investigations into the trading scheme, which involved banks and investors claiming multiple bogus tax rebates on dividends, aided by now-closed loopholes in their tax systems and the failure of authorities to spot and halt the practice.

GERMANY DENIES CHANCELLOR’S CRITICISM OF CLIMATE PROTESTORS INCITED RAIDS

Berger’s sentences follow nearly a decade of investigations that government officials say span around 1,500 suspects and 100 banks on four continents.

The scandal has sparked a public and political outcry as ordinary Germans face a cost-of-living crisis.

CLICK HERE TO GET THE FOX NEWS APP

Authorities have raided the German branches of companies including Barclays, Bank of America, JP Morgan, and Morgan Stanley in their investigations. All four banks have said they are cooperating with inquiries.

In September, Bank of New York Mellon Corp, Germany’s Warburg Group and Deutsche Bank said they would pay a combined 60 million euros to tax authorities over the scandal.

Share

Recent Posts

Hundreds of migrants evicted from Paris theater after squatting there for months

close Video French police evict migrant squatters from Paris theater Police clashed with activists in…

46 minutes ago

FBI issues spring break travel warning after American college student’s disappearance

close Video Missing college student Sudiksha Konanki, Natallee Holloway case 'very similar': Ted Williams Former…

56 minutes ago

Barnard ‘poisoned’ by ‘DEI propaganda,’ says influencer who uncovered anti-Israel sentiment on campus

close Video Zach Sage Fox speaks about antisemitism at Barnard College in New York City…

56 minutes ago

Missing American Sudiksha Konanki’s family asks Dominican police for declaration of death

close Video Missing American college student Sudiksha Konanki seen in hotel security camera video before…

56 minutes ago

California deputy killed in crash that split police cruiser in two during pursuit

close Video California deputy killed after crash during pursuit Aftermath of crash that killed San…

56 minutes ago

Checks and balances: Trump, supporters seek to push back against ‘activist’ judges

As the lawsuits filed against President Donald Trump have climbed well past the triple-digit mark…

1 hour ago