The most important tool for tax robbery
was an Excel spreadsheet. Created by Martin S., 41, British
Mathematician. In various worksheets, this contains the number of shares,
their respective courses, the trading partners and the formulas according to which the cum-ex-deals
which Martin S. and his partners had worked out. From
Business to business they refined the table. A total of 447.5 million
Euro they are said to have stolen between 2006 and 2011 from the German tax fund.
From this Wednesday Martin S. has to
for it in the district court Bonn responsibility. And this table, his
most important tool will be a central evidence of the indictment. It is
the first criminal trial in Europe, in which the machinations of the cum-ex-jugglers
to be revealed.
Martin S., a Londoner says
A stock trader who knows him well is one of the best mathematicians who
England has ever produced. "One, so the accusation, is his
Abilities to do so, particularly severe tax evasion in 33 cases
to commit. If the presiding judge Roland Zickler at this
Wednesday in Bonn opened the process, so sitting in the dock so one
Kind chief engineer of the alleged tax robber.
Martin S. is a smarter, more humorous
Man, a real team player. That's the story of a colleague who talks to him for a long time
collaborated. And he is very intelligent. The 41-year-old comes from
Northern Ireland. Even as a student, he was repeatedly because of extraordinary
Achievements awarded, made his graduation with top grade and
studied engineering and business administration in Oxford. An insider from the
Circle of tax evaders recalls a telephone conversation with Martin S. Der
I told him a trade chart. "I was very impressed with that
Draft of his knowledge (…). "
After graduation Martin S. worked.
first as an engineer. But the money lured him into banking, where he more than
he got twice his engineering salary – and far more than his parents ever did
had earned. He started at Merrill Lynch, one of the biggest
Investment banks of the world. The culture there was in the early nineties as
especially risk-taking. Some dealers of the bank knew exactly how to
skillfully in tax funds could grab. That's how it describes a whistleblower
later on because of the dubious business to the American
Securities and Exchange Commission applied,
These dealers operated so-called
Tax-driven share transactions, in bank jargon "dividend arbitrage"
called. They are available in countless variations. All in common is that inside
days ago huge blocks of shares are pushed back and forth so often
that it is hardly possible to make out their origin. Then let the
Those involved refund the capital gains tax on dividends that they actually receive
not entitled. For Cum Ex trades, this tax is even double or triple
or even more often reclaimed by the Treasury.
At Merrill Lynch, Martin S. Paul met Mora, with whom he would later perfect the Cum Ex business. The
Cologne attorney general Anne Brorhilker, the most comprehensive
Leads Cum-Ex investigations in Germany, leads Mora as separate
Accused. Allegedly, he stays in New Zealand and avoids
After Mora became the London branch of the
Bavarian HypoVereinsbank (HVB), he offered Martin S. 2004 there
a job. S., who felt hurt by Merrill Lynch, who just graduated
and paid him more salary than Martin S., took that
Offer to. Mora was head of the proprietary trading department at HVB and did the
Trade with the capital gains tax, so the handle in the state treasury, to
Core business. Martin S. should organize and handle the deals.
Four years later, the two made
Men self-employed. So, on the one hand, there was more money to be made. moreover
they no longer succumbed to the compulsion to be nervous in the financial crisis
legal and tax departments have to justify. Mora and
Martin S. founded Ballance Capital, a conglomeration of many individuals
Companies based in the United Kingdom, in the Cayman Islands,
Gibraltar or the British Virgin Islands. Threaded from Gibraltar
They enter their own deals, their first major customer was according to the charge
Hamburger Privatbank M.M. Warburg, Later, Ballance works with the
Deutsche Bank together.
If Martin S. the engineer behind the
complex deal, then Nicholas D., also accused, was the craftsman:
born in England, raised in Australia, a man who after the
Started high school at the age of 17 as an office clerk at an Australian bank
worked his way up to the clerk. But Nicholas D. wanted more, wanted
become like his uncle, a stockbroker. Because he has no chance in Australia
He went into the securities trading, he went to London, first to
American investment bank Cantor Fitzgerald. There he did business,
the other traders had done. However, he did not feel well and
joined the investment arm of Swiss Credit Suisse in 2001. There he learned
Paul Mora, who became a kind of mentor for him and a little later
also brought to HVB. For Mora and Martin S. Nicholas D. wrapped those there
Securities purchases that they had planned using the table. In 2010 he followed
the two men finally to Ballance Capital.
(t) Cum-Ex (t) Cum-Ex (t) Litigation (t) Stock Market (s) Court (s) Bonn (m) Merrill Lynch (t) Warburg (t) London (t) England (t) Gibraltar (t) Australia (t) tax evasion (t) Northern Ireland (t) Oxford (t) Hessen (t) Bloomberg (t) Clearstream (t) SEC (t) whistleblower