Two Ex-Bankers Convicted Over €45 Million in Fortis Tax Fraud Deals

Two former bankers were convicted in Germany over their roles in striking Cum-Ex deals by Fortis Bank, causing €45 million ($52.7 million) of damage to the country’s taxpayers.

The Frankfurt Regional Court sentenced Thomas S. to two years and seven months while Peter H. was sentenced to two years and six months for their crimes. Under German media law, the men can’t be fully identified.