FCA Investigating 8 People Over Cum-Ex Tax Fraud Scandal

Law360, London (March 31, 2021, 3:59 PM BST) -- Britain's financial markets watchdog is investigating eight individuals in connection with the cum-ex tax fraud scandal but has opened no new probes in the past year, a London law firm said on Wednesday.

The Financial Conduct Authority confirmed when responding to law firm Rahman Ravelli's freedom of information request that, as of February, eight individuals and 14 firms were under investigation for their alleged involvement in a dividend trading strategy that involves securities traders claiming multiple refunds for a tax that was only paid once.

Mark Steward, the FCA's director of enforcement and market oversight, said in February 2020 that the...

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