A British investment banker at the center of Germany's biggest fraud trial ...
BONN - A British investment banker at the center of Germany’s biggest fraud trial told judges on Thursday he earned millions of euros from deals involving “astronomical” trades that prosecutors say were a means to make bogus tax reclaims.
The trial where Shields is giving detailed evidence is the first in a wider investigation aimed at recovering billions from banks which prosecutors believe profited from the trades. “Trades regularly exceeded 100% of the market capitalization,” said the 41-year-old engineering graduate, as he told the court of the circular trades, one version of which was known among traders by the synonym “Guts Spread”.
Brorhilker has outlined more than 30 instances of double-tax reclaims totaling 447 million euros. Shields’ 12 million euros of earnings relate to those deals. Shields said the trades involved were so vast that it caused financial market mishaps because it was often not possible to find and match buyers and sellers in time.
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