Vogel buying coke

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Vogel buying coke

Tax included. Shipping calculated at checkout. Express and a tracking number. This means you can track the current location of your package at any time. If you are not satisfied with the goods, you can return them within 14 days. We will immediately refund the purchase price. Krioukov studied at the Moscow Art School with a focus on painting and art teaching. He then studied at the Moscow State Art Academy and graduated in with a degree in graphic design. Since he has been active in Germany with his school for fine arts and design in Berlin. Particularly noteworthy is his inclusion in the collection of the Russian Academy of Arts, Moscow. Zoom picture. Galerie Vogel. Auf Lager. Original artwork day right of return Certificate of authenticity Free Shipping. Decrease quantity Decrease quantity. Add to cart. Shipping and Returns Shipping and returns are free of charge for you. Close Previous. Express and shipment tracking. Personal and individual advice Please feel free to contact us. Together we will find your favorite work of art. Buy genuine works of art With us you only purchase tested and authentic works of art. Secure online payment Pay securely with credit card, PayPal, Klarna, advance payment or bank transfer.

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Vogel buying coke

Claims ranging in the millions of euros are awaiting him in Belgium and Denmark. In Germany, he is a suspect in at least one criminal investigation. A reconstruction of the tumultuous career of a notorious dividend stripper. During his short walk from the Amsterdam court back to his office at the beginning of March, stockbroker and real estate entrepreneur Frank Vogel is not inclined to answer questions. The sunlight is hitting his face and with narrowed eyes he keeps looking straight ahead without saying anything. He prefers to avoid questions related to the origin of his great wealth. Vogel is firmly convinced that he has not broken any law and that he has honestly earned the tens of millions he has amassed stripping dividends in recent decades. At the same time, he has been aware for many years that regulators, tax and investigative services think otherwise. It has been clear to the Cologne prosecutor for years that ABN Amro — and in particular the Fortis part nationalised in — played a significant role in CumEx trading. In the summer of , she therefore requested legal assistance to raid the headquarters of ABN Amro in Amsterdam. The February 27 raid is already the third one that the Dutch state-owned bank has had to deal with in Germany, but the display of power with which this one was carried out, was remarkable. Frank Vogel is considered a very successful businessman, which is reflected in the wealth he has amassed in recent decades. Business magazine Quote estimates his wealth at million euros, with which he takes the nd place on the most recent edition of the national list. And as German journalists now also know: he is quite active in business real estate. He is also the owner of villas in Aerdenhout and the South of France, he owns a wildlife park in South Africa with exclusive lodges and he has an airplane that was once owned by fallen Dutch banker Dirk Scheringa. That he is a real fanatic can be seen in the ease with which he conducts lawsuits against parties who get in his way. The stockbroker, born on June 7, in Haarlem, has excelled for decades in transactions that have no economic significance: stripping dividends from shares of listed companies. But the Dutch tax authorities were the first to corner him. Vogel is not the man to take big risks. On the contrary: the characteristic of dividend stripping is precisely that this can be done without running any financial risk. The only gamble that Vogel makes as an arbitrator is that, through new insights, lawmakers and tax administrations can later view his business in a new light and come after him to demand money, impose fines, or worse, prosecute him. These exercises in dividend arbitrage have led to extensive fraud scandals in Germany and Denmark and are largely banned by now. In particular its most profitable version — the CumEx trade — is under scrutiny of the criminal investigation authorities in those countries. Mostly thanks to the years of investigation put in by the Cologne prosecutor Anne Brorhilker, the first criminal convictions in the largest post-war fraud case in Germany are now a fact. But it is not the Cologne prosecutor who is the first to get her teeth into Vogel; the officials of the Dutch tax authorities were the first to corner him. When Vogel started working at the MeesPierson bank in , it came as no surprise: his father and sister had preceded him. He does not disappoint and, according to him , becomes the youngest director at Fortis, the Belgian bank-insurance company that MeesPierson took over from ABN Amro at the end of Vogel is physically impressive and his management style is confrontational too. Everything is aimed at achieving goals. He is also quirky. London, Paris, New York This is reflected in the balance on his bank account. Vogel owes his rapidly growing fame to the enormous positions that the GSLA traders take in shares and the large profits they rake in. This is in contrast to comparable departments of well-known investment banks such as Deutsche Bank, Morgan Stanley and Goldman Sachs, which have a much lower return in the early s, due to the implosion of the internet bubble. Several parties determine in advance which positions can be taken in large listed companies. This happens every time in the so-called dividend season; the aim is to claim the return of dividend tax for a second time, while it has only been paid once. The special thing is that the profits — tens of millions per transaction — are risk-free. He is a rigid man who refuses be tempered by a bunch of Belgians in Brussels. Also, he earns too much. Another factor that comes into play: Fortis believes that it can play the CumEx game without this cheeky Dutchman. In April that year, he is escorted out of the office at the Amsterdam headquarters. His forced departure leads to a legal fight, which is widely reported in the pages of Het Financieele Dagblad and De Telegraaf. With that, for the first time, reports on the trade secrets of the extremely well-performing Fortis GSLA are publicly revealed: the CumEx trade. However, there are researchers at the FIOD who think otherwise. The presentation consists of a total of 19 slides, 11 of which have been declared secret. These are so-called CumCum transactions, in which the strippers borrow the shares from parties who are not entitled to a refund of the dividend tax, redeem that right, and then return the shares, together with part of the loot. The trick works as follows. Dutch shares that are owned by foreign banks or investors, are temporarily placed with a Dutch entity shortly before the dividend payments. That entity then reclaims the dividend tax form the tax authorities. The Dutch legal entity, often a local branch of a foreign company, then returns the shares to their original owner, keeps a percentage by way of fee, and pays the remainder of the reclaimed dividend taxes to the foreign entity. The USA taxes dividend with 30 percent in ; only US citizens and companies can reclaim those taxes. Pension funds set up especially for stripping dividends play an important role in this exercise. Pension funds are exempt from dividend tax; that makes them an ideal partner for obtaining its return. For the same reason, pension funds are also used for the more complicated CumEx transactions, in which dividend tax is reclaimed several times. But for unknown reasons, a large-scale criminal investigation does not ensue. After his controversial departure from Fortis, Vogel first files a lawsuit against his former employer. He claims to have suffered reputation damage through the bank and therefore claims 7 million euros in damages from Fortis. Vogel wins the case, but has to settle for 9 tons. It is a collective name for the same arbitration activities that Vogel already performed at Fortis GSLA and with which he earned millions in bonuses. He has start-up capital, but lacks the trading infrastructure of a financial institution. Banks are not lining up to do business with him, so he is eagerly looking for a financial institution that is willing to take his bedraggled reputation for granted. He finds the suitable partner: the drifting listed corner company Van der Moolen VDM , which has not been able to make the switch to digital exchange trading and is desperately looking for a new business model. Risk-free trade at the expense of tax authorities must help Van der Moolen to recover. In addition to the infrastructure, there is another important reason for entering into the partnership. Thanks to the fog created by multiple companies and brokers, few people could really understand what was going on. Van der Moolen is not the only financial institution with which Vogel connects. Mora, who is mentioned in the emails, is one of the main suspects in the criminal investigation of the Cologne prosecutor Anne Brorhilker. The other notable name is that of Martin Shields. He was a key witness in the criminal trial in Bonn where FTM was present and is one of the first criminally convicted CumEx traders. The correspondence shows that Vogel is a potential new CumCum and CumEx customer for the bank, which at the time is very active under the leadership of Mora — who is nowadays described as one of the great robbers of the German treasury — setting up structures to strip dividends. With that deal Roth earned 25 million euros; two years later he is audited by tax officials. In , the tax authorities of the city of Wiesbaden require Roth to repay million euros, plus 10 million interest. Roth, who said he never knew about the CumEx scheme, died in at the age of His son Joram claimed in Handelsblatt that his father never got over the impact of the scandal surrounding the CumEx transaction. As an enterprising dividend stripper, Vogel prospered. His collaboration with Van der Moolen pays off and they earn 10 million euros net in their first year. For 49 percent of the shares, he will receive 14 million euros in cash and 29 million in Van der Moolen shares. While the deal is in the making, at the end of , Vogel decides to use the method that he so often deployed for GSLA. This is fiscally favorable: a pension fund is exempt from corporate income tax and dividend tax, which means that it can reclaim large amounts of dividend tax from foreign tax authorities. But in , all goes awry at Van der Moolen. The company is forced by the tax authorities to make a large depreciation. There is uncertainty about the collectability of the expected proceeds from the arbitration activities of Vogel: 43 million euros. This puts the company in serious trouble, their rate drops and the deal for the purchase of an interest in GSFS ricochets. In September that year, the listed Van der Moolen goes bankrupt. The deposit of 32 million euros from the German tax authorities arrives just too late and ends up with the bankruptcy trustee. Vogel then wants to take over some parts of Van der Moolen, but is thwarted by De Nederlandsche Bank. Although the stock exchange trader has an unsavory reputation in the Netherlands, they know little about that abroad. At the time, this dignified, old private bank was fully involved in CumEx transactions. Noteworthy detail: the bank was a subsidiary of the Dutch Rabobank during that period. Bank Sarasin uses so-called feeder funds for its CumEx trade. These funds channel assets from investors often very wealthy entrepreneurs to a master fund that subsequently buys and manages shares. Its total investment: A former top banker from Sarasin confirmed this in an interview with German investigative officers in the summer of , and said that Vogel played a crucial role in setting up that fund. In the same interrogation, the suspected top banker also reported that he had understood from two former colleagues that the GSA Feeder Fund was using an American pension fund which was registered in Luxembourg. It is clear: Vogel is taken seriously in Switzerland and the CumEx trade is flourishing. The question is how long that will last. In the summer of , thanks to an attentive employee, the German tax authorities discover that something remarkable is going on with a large refund request relating to dividend tax. The request is filed by an American pension fund that had very recently taken a position in shares of German companies for 6. After years of blindness, the German tax authorities discover that many more people are enriching themselves at the expense of German taxpayers. The German tax official finds out that the pension fund only has one beneficiary, and that it is a shell company located on the 20th floor of a skyscraper on Wall Street in New York. After extensive research, she concludes that the fund is actually used for a completely different activity: robbing the German treasury. The man behind the shell company is the American Gregory Summers. He becomes the first prime suspect in the criminal investigation that is launched shortly afterwards. After years of blindness and ignoring numerous signals, the German tax authorities find that many more people are enriching themselves at the expense of German taxpayers. A fierce discussion ensues between the fund board and DNB after the latter sees in the financial report that GSFS has a loan of 18 million euros. Why should a tiny pension fund engage in such a huge loan? And how is it possible that the contributions made by the participants only make up a minuscule part of the assets that they invest with? The regulator is not amused: Vogel himself is the main beneficiary of the profits from the investments. This means that he is doing business through his pension fund, DNB concludes, and that is not permitted. The credit line that the exchange trader has with Investec exceeds 11 billion euros in the financial year Vogel focuses on short-term, highly complex equity trading in which multiple parties work closely together. As an asset manager, he conducts share transactions in volumes that exceed pension reserves by a factor He finances these shares with the sale of derivatives and with very large loans from the originally South African investment bank Investec. As a pension fund, GSFS Pension Fund is exempt from dividend tax, and it can reclaim substantial amounts of paid dividend tax from foreign tax authorities. This is also the greatest risk for the fund: it must retain that status. Regulator DNB is amazed at the state of affairs. GSFS also assumes that it can reclaim tens of millions in dividend tax from foreign tax authorities. But, says DNB, what if the expected dividend is disappointing, or even not paid at all? Deregistration as an enforcement measure is very rare; deregistration due to dividend arbitration has never occurred before. Because the discussions are unsuccessful, DNB reports on 16 October that it intends to remove the fund from the register of pension funds. That actually happens on February 18, With this, Vogel caused a unique event in the history of the Dutch central bank. Vogel does not accept this and initiates interlocutory proceedings against the supervisor to reverse the removal of the permit. He succeeds in the first instance: on 30 May , the Rotterdam court rules that DNB had wrongly removed the pension fund from the register. Vogel wants to know what has been communicated about him and demands openness. The AFM refuses to do so, nd Vogel takes them to court. In August , the Amsterdam court ruled in his favor. Supervisor DNB appeals. The fund must also cease all secondary activities dividend arbitrage and investments may only be made up to a level corresponding to the pension contributions invested. Deregistering its license has caused the pension fund to cease operations, and Vogel demands 2 million euros in damages. They don't have that. Three months later, Vogel is defeated in his legal proceedings against the tax authorities. The board wants to liquidate the fund. But it doesn't get that far. At the end of the month, the case takes a remarkable turn: the Amsterdam court rules that DNB should indeed have removed GSFS from the pension register. This judgment is upheld by the court and the Supreme Court in the years that follow. The Belgian tax authorities want to charge 15 percent dividend tax on this. The judgment of the court in Haarlem — in which the Dutch tax authorities were successful — has found its way to Belgium. In a letter, the Belgian tax administration writes that it plans to claim dividend tax on the Belgian dividends that the pension fund received in the period That is a considerable amount, because in total GSFS received over million dividends paid by Belgian companies during those three years. The Belgian tax authorities want to charge 15 percent dividend tax on this: almost 16 million euros. The Amsterdam fund does not have that much cash. At the end of , the balance sheet total was 2. If the Belgians continue their procedure, the fund will be bankrupt. On the basis of two agreements, the pension fund can transfer part of the Belgian claim to the company for whose employees the fund was founded: GSFS Asset Management in Amsterdam, owned by Frank Vogel. The Belgian claim will also hit them hard: at the end of , this asset manager has a balance sheet total of less than 4 million euros. And the Belgian claim becomes even more likely in June of that year, when the court in Amsterdam confirms the earlier decision of the Haarlem court. Transactions from the year are being questioned, and consequently, he is forced to make reservations for a total of 26 million euros. His trade is also under scrutiny in Italy. The fund is charged with a 10, euro penalty and the three fund directors are each fined 25, euros. Although Vogel has fallen behind in his legal battles, he continues to earn serious money. In , he recorded a profit of 24 million euros net with his dozens of companies. The profits mainly come from real estate. It is editor-in-chief Sander Schimmelpenninck himself who interviews him and tries to find the person behind the ex-banker, who is known to be ruthless. And he invests in a breast cancer clinic. We are creating a situation in which dividend tax is not part of the story. Not everyone is happy with that, but I refuse to feel bad about it. He uses the pension fund as an extension of his main business activity: dividend arbitrage. So I am not yet prepared to acknowledge my defeat. Because of his fighting spirit, Vogel is able to limit his financial loss considerably. The fines themselves have nevertheless been rightly imposed, higher judges also decide. However, the fact that GSFS Asset Management does not have to transfer 5 million euros to the supervisor is a resounding victory for the Amsterdam asset manager. In the summer of , Vogel celebrates a milestone on Mykonos. With his family and a charter plane full of family and friends, he flies to the Greek island to celebrate his 50th birthday in a luxury resort and beach club. A band, dancers, a DJ with a saxophonist and a midget who serves as an animator and who is spraying champagne at the supreme moment, push the tightly organised birthday party to a climax. A camera man captured the event. However, already years earlier, Vogel seems to have overplayed the winning hand that his friends and family ascribe to him. This is evident three months after the bacchanal on Mykonos. Following the Dutch Tax Authorities, the Belgian tax authorities rules that GSFS is not a pension fund at all and that it should pay taxes like any other company. The Belgian tax authority, against which Vogel has also taken up cause, has been successful in the court of first instance in East Flanders on 11 September. Vogels pension fund received an additional tax claim of In total: 24 million euros. His suffering is not over yet. Vogel also loses a court case that he had filed against the Dutch state in connection with his lost battle against DNB. That was his last hope to save his pension fund. The three funds wrongly received a total of 70 million Danish kroner approximately 9. And then there is the Danish tax authorities who have an account to settle with Vogel. All in all, the Danish treasury was lifted for about 2 billion euros in the period August July and the Danes want their money back. They have filed hundreds of civil lawsuits against companies, pension funds and individuals involved in dividend stripping, including three pension funds , at least two of which have undeniable ties to Vogel. The mastermind behind the unprecedented tax fraud, the largest in Danish history, is Sanjay Shah, who now lives in Dubai. The Brit — who once worked for the Dutch banks ING and Rabobank — directs a network of dozens of people, institutions and many pension funds involved in CumEx transactions. The Danes have travelled the ocean to pursue civil proceedings in several US states, to ensure that the money stolen from their treasury is returned. Those separate complaints were bundled into one large case in October that is being handled by the Southern District Court in New York. Located in lower Manhattan, which also includes Wall Street, the court is the most influential district court in the United States. A criminal case in Germany lies ahead. By registring you agree to the privacy policy. FTM uses functional cookies. We use this information to improve our website. You can decline this. Want to know more? Read our cookie policy. This article in 1 minute. Vogel is known as a very aggressive trader who gained international fame at Fortis, with transactions that have been banned in Germany since There are ongoing criminal investigations in six different German federal states into CumEx fraudsters who have harmed the Treasury for billions of euros. The tax authorities of the Netherlands, Belgium and also other countries keep a close eye on Vogel. In Germany, he is mentioned numerous times in various criminal investigations, and not only that: he is a suspect. Did you find this useful? We like to hear that! Tell us what we can improve: Signup for our newsletter Register here. Fanatic Frank Vogel is considered a very successful businessman, which is reflected in the wealth he has amassed in recent decades. Everyone knows Frank When Vogel started working at the MeesPierson bank in , it came as no surprise: his father and sister had preceded him. Tricks of the trade: CumCum. His own company, his own pension fund After his controversial departure from Fortis, Vogel first files a lawsuit against his former employer. In business with a convicted CumEx trader Van der Moolen is not the only financial institution with which Vogel connects. Excursion to Switzerland Although the stock exchange trader has an unsavory reputation in the Netherlands, they know little about that abroad. After years of blindness, the German tax authorities discover that many more people are enriching themselves at the expense of German taxpayers The German tax official finds out that the pension fund only has one beneficiary, and that it is a shell company located on the 20th floor of a skyscraper on Wall Street in New York. The credit line that the exchange trader has with Investec exceeds 11 billion euros in the financial year Vogel focuses on short-term, highly complex equity trading in which multiple parties work closely together. Three months later, Vogel is defeated in his legal proceedings against the tax authorities In turn, Vogel announces, through his lawyer Jasper Hagers in Het Financieele Dagblad , to claim damages from DNB. An airplane full of friends Although Vogel has fallen behind in his legal battles, he continues to earn serious money. Frank Vogel, in het vliegtuig naar Mykonos om zijn 50e verjaardag te vieren. Author: Eric Smit. Co-founder and co-editor-in-chief. Mission: holding those in power accountable by following money trails. Follow this author Improvements or suggestions? Send a news tip. Author: Siem Eikelenboom. Experienced investigative journalist. Was part of the international team that investigated the Panama Papers. Want to read more about this topic? Follow these files and receive a notification when a new article is published. The CumEx Investigation. Your first name. Your email address. Choose your password Show. Leave this field empty. Subscribe for the newsletter. Oldest first. Rinus Wolfs 7 July Options Options Direct link to this contribution Bijdrage uitlichten. Goed stuk. De vertaling naar het Engels is vaak wel tenenkrommend 'Nederlands Engels'. Een voorbeeld: 'Vogel wins the case, but has to settle for 9 tons. Menno Talsma 7 July Kan ik dit ook in het Nederlands lezen? Erwin de Waard 6 Menno Talsma 7 July

Vogel buying coke