management, and investment banking, serving private, corporate and institutional clients. Cum-Ex scandal The bank has been implicated in the Cum-Ex scandal, accused of defrauding taxpayers in excess of over 50 million euro. One of the leading players in cum-ex transactions, Hanno Berger, advised M.M.Warburg & CO, or the two main shareholders at the time, the chairman of the supervisory board Christian Olearius and his deputy, Max Warburg, on cum-ex transactions. According to a Spiegel report published in March 2021, Warburg paid 17.5 million euros to Hanno Berger and Benjamin Frey for advice on cum-ex deals. Warburg wired the money to Sarasin Bank, which routed it to an offshore firm owned by Berger and Frey in the British Virgin Islands. On January 12, 2022, the former managing director of a Warburg subsidiary in Luxembourg surprisingly confessed during a trial before the Bonn Regional Court ('third cum-ex criminal trial'). He is regarded as the Warburg Group's first confessed cum-ex actor. The lawyer Gerhard Strate filed a complaint against Olaf Scholz and Peter Tschentscher in February 2022. The then mayor and now federal chancellor Scholz and the then finance senator and now mayor Tschentscher are accused of taking 47 million euros from M.M. Warburg & Co. not to have reclaimed. The sum had been reimbursed to the bank by the tax office in connection with cum-ex transactions. Strate accuses the politicians of aiding and abetting tax evasion. Literature Massimo Bognanni (2022): Unter den Augen des Staates. Der größte Steuerraub in der Geschichte der Bundesrepublik. dtv ISBN 9783423283069 See also S. G. Warburg & Co. Warburg Family References External links M.M.Warburg & CO Official website Warburg Family Banks of Germany Companies based in Hamburg Investment banks Warburg family 1798 establishments in the Holy Roman Empire Financial services companies established in 1798 Banks established in 1798 Private banks German companies established in 1798