A banker at the center of a trading scheme German prosecutors say resulted in hundreds of millions of euros of illegitimate tax rebates told a court the scheme had taken on an “industrial scale” involving a network of banks and other institutions. Martin Shields, a former investment banker, said that a web of banks, investors and brokers had organized the circular trades, making multiple tax reclaims and sharing the profit. “I am not before you to deny my involvement, but to explain it,” Shields told the court in Bonn on Wednesday.

source https://finance.yahoo.com/news/banker-tells-german-court-vast-171705517.html?.tsrc=rss