Two Fund Managers Sentenced in Munich for €343 Million Tax Evasion; British Trader Gets 12 Years for £1 Billion Fraud

In a significant legal development, two fund managers involved in the first Munich Cum-Ex trial have been sentenced to over five years in prison each for tax evasion, resulting in damages amounting to €343 million. Concurrently, a British hedge fund trader has received a 12-year prison sentence in Denmark for a tax fraud scheme that defrauded the Danish tax authority of £1 billion. This case highlights ongoing efforts by authorities to combat financial fraud and tax evasion. Additionally, a Surrey company director was implicated in a separate case involving the fraudulent movement of £100,000 in Covid-19 loans through family bank accounts but has avoided jail time.