Episode 2

2025-04-13

In Germany and Denmark, legislation is being drafted in parallel to prevent cum-ex transactions. However, in both countries, the banking lobby is succeeding in influencing the legislation.

Episode 3

2025-04-13

Hausner and Lebert realize that their business partner, Fred Allen, has been cheating on them for years; they can't report him. For the first time, Lebert considers a future without his mentor.

Episode 4

2025-04-13

Young tax official Anna Nowak refuses to reimburse Hausner and Lebert's funds worth millions. She informs public prosecutor Lena Birkwald, who takes over the case.

Episode 5

2025-04-14

Public Prosecutor Birkwald and her team are slowly becoming aware of the extent of the cum-ex transactions. She is pursuing a plan to conduct simultaneous searches in 16 countries.

Episode 6

2025-04-14

The worldwide searches were a complete success for Public Prosecutor Birkwald – much to the displeasure of Hausner and Lebert. Lebert also learned that he had been let down by her.

Episode 7

2025-04-14

With Lebert's help, investigative journalists Liholt from Copenhagen and Fromm from Hamburg deceive the Cum-Ex fraudster Akram and get a picture of the shocking extent of the scandal.

Episode 8

2025-04-14

Lena Birkwald succeeds in making the extent of tax fraud clear to the Finance Minister of North Rhine-Westphalia. But Birkwald also wants to get to grips with the institutions themselves: the banks.