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Financial crime specialists Rahman Ravelli tells the New York Law Journal what to expect when Cum-Ex cases are opened in the US

Author: Azizur Rahman  9 July 2021

Posted in : Cum-Ex Media Coverage .

With Cum-Ex investigations now involving more countries, Rahman Ravelli wrote an article alongside Howard Fischer, Partner at New York-based Moses and Slinger, examining the likelihood of cases being brought in the US.

Rahman Ravelli and Howard's article, “Europe’s Cum-Ex Scandal – What to Expect When US Authorities Join the Party’’, was published by the New York Law Journal.

The article gives a summary of events so far in the share-selling tax scandal. It explains how shares were traded in a way that enabled more than one party to claim tax rebates – and how those rebates cost the treasuries of some countries billions of euros.

Rahman Ravelli and their co-author Howard Fischer make comparisons between Cum-Ex and the US practice of American depositary receipts (ADRs), which is a similar dividend arbitrage scheme. The US Securities and Exchange Commission (SEC) has concluded settlements totalling more than $450 million relating to ADRs.

Rahman Ravelli believes the SEC will be aggressive in pursuing those it believes are responsible for Cum-Ex, via criminal investigations and civil enforcement. According to them, the ADR cases show that the US authorities can and will pursue cases against cross-border transactions that result in lost tax revenue to foreign governments. 

The article concludes by explaining the reasons why the US could be set for increasing numbers of Cum-Ex cases.

The article was featured on the New York Law Journal. (Subscription required) 

Azizur Rahman C 09369

Azizur Rahman

Senior Partner

aziz.rahman@rahmanravelli.co.uk
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Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.

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