Isn’t it amazing that every time someone does something naughty in finance, their boss had absolutely no idea? Well, you’ll be stunned to hear it’s happened again in an ongoing German tax scandal. And the court was having absolutely none of it.

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Ex-London fund manager jailed over German tax scandal

The founder of the defunct asset manager Duet Group has been sentenced to four years and 10 months in prison ($) for his role in a tax scandal that cost Germany about $100 million.

Henry Gabay and ex-Duet partner Osman Semerci are the first London financiers to be hit with custodial sentences as part of the wider Cum-Ex trading ploy, which involved exploiting a loophole in the dividend tax system to allow multiple parties to claim the same tax refund. 

According to the charges, Duet aimed to generate €215 million ($232 million) in illicit tax refunds, of which €93 million were paid out. Gabay argued that he didn’t know what the Cum-Ex traders were doing, but failed to convince the court.

Both men can appeal their convictions. The trial against a third Duet partner begins at the end of the month.

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