Britain Closes Probe on Cum-Ex Tax Fraud: Final Penalty Issued

Britain concludes its investigation into the 'cum-ex' tax fraud, penalizing Mako Financial Markets £1.66 million. The Financial Conduct Authority has now issued over £30 million in fines. Cum-ex schemes exploited dividend tax laws, involving high-volume trades to create false rebate claims. Sanjay Shah, linked to these schemes, faces legal actions.

The Financial Conduct Authority has concluded its investigation into the notorious 'cum-ex' dividend tax fraud, imposing its final penalty on Tuesday.

Mako Financial Markets was fined £1.66 million for overlooking red flags in trades affiliated with the scheme, initiated by hedge fund founder Sanjay Shah's Solo Group.

The FCA has now levied over £30 million in fines concerning cum-ex deals, which involved rapid stock trades to manipulate dividend payouts illegally.

(With inputs from agencies.)