Anne Brorhilker, the German Prosecutor Financial Institutions Fear

The investigation has tackled a scheme in which multiple investors claimed ownership of the same shares of stock and therefore the right to each get a full refund of taxes withheld from dividends. Dozens of major international financial institutions, as well as hedge funds and law firms, were involved before the government banned the double-dipping, which lawmakers estimate cost taxpayers $12 billion. It took until this year for Germany’s top criminal court to label the scheme a “ blatant money grab” after years of fierce debate over its legality: It wasn’t clear whether it was criminal behavior or a clever strategy to take advantage of a badly constructed system. A parliamentary committee report looking into the inquiry, known by the Latin words Cum-Ex, runs 800 pages.

Brorhilker, a veteran prosecutor who got two convictions in the probe last year, has put in years of work to achieve her current successes; the inquiry has lasted almost a decade because of the complexity of the financial malfeasance. She’s now examining the roles of more than 1,000 people from across the industry who are believed to have played a part.