Seven Ex-Deutsche Bank Managers Guilty in C02 Tax-Fraud Case

From Bloomberg

Seven former Deutsche Bank AG managers were found guilty by a German court of participating in a conspiracy to cheat on value-added tax refunds for carbon-emissions trading.

The bankers participated in a “criminal business model" that sidestepped 145 million euros ($163 million) in taxes, Presiding Judge Martin Bach said at a court hearing Monday in Frankfurt. One of the men, a 55-year-old who was the "principal actor" according to the judges, was sentenced to three years in prison while the other six escaped prison with suspended jail terms or conditional fines.

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