Steuerhinterziehung: Gemeinnützig den Staat hintergangen? Staatsanwaltschaft klagt fünf Banker in neuem Steuerskandal an

In a groundbreaking case, five bankers face charges for tax evasion linked to their involvement with a purportedly charitable organization in Frankfurt, Germany. The alleged scheme involved trading shares worth billions of euros and evading capital gains tax, according to the Staatsanwaltschaft (Public Prosecutor's Office) in Frankfurt.

The investigation began on December 23, 2025, as the hessian authority filed charges against the five defendants for a potential damage of around €37 million. The suspects include Andreas Grosjean, the former CEO of Dero Bank, and Alexander L. Ferner, a fellow board member. Additionally, three employees of a London-based investment advisory firm, Klaus Carsten Heyden, and two unnamed managers from the London investment firm Hollbeach, are also accused.

The prosecution claims that the five bankers engaged in fraudulent trading activities between 2016 and 2017, specifically targeting dividend seasons. They allegedly traded shares worth €3.8 billion to evade taxes on capital gains, netting profits of €141 million. Dero Bank, the regional broker, is alleged to have failed to withhold capital gains tax for the allegedly philanthropic Kunstraum organization, while Hollbeach was responsible for the execution of the trades.

The defense attorneys have not yet commented on the accusations. According to the investigation, Kunstraum purchased the shares before the dividend payment and did not withhold any capital gains tax, as it presented itself as a charitable organization. Dero Bank, as the custodian of Kunstraum's assets, allegedly knew about the scheme but failed to prevent it. Hollbeach allegedly stepped in to manage the trading process.

The investigation suggests that the Hollbeach experts developed a new version of the Cum-Ex scheme after the classic ones fell out of favor. The defense of foreign money-laundering tactics aimed at avoiding detection was also attempted, but it was unsuccessful. The prosecution notes that while there is no intellectual property in financial services, the defendants were worried about competitors copying the model.

The investigation also reveals that internal warnings regarding the tax legitimacy of Kunstraum's activities were disregarded. In April 2016, a compliance employee expressed doubts about the tax legality of Kunstraum's dealings and even sent an email to the company's board. Two days later, she reported money laundering suspicions to the Bavarian Landeskriminalamt (State Criminal Police Office) and informed the Dero Bank's management that it was "obvious" that Kunstraum was a "short-term warehousing facility for securities" with no clear philanthropic purpose.