Cum-Ex – An insider spills the beans on Europe’s biggest tax heist
Manager Magazine Bestseller
For years, banks, investors, law firms, and financial players in Europe, the US, and Asia exploited a legal gray area, which is now considered illegal, to secure billions in repayments from the state—for taxes that were never paid. The financial damage is almost impossible to comprehend and is estimated at more than €150 billion in Europe alone. One person who understood this system from the inside and helped shape it is Kai-Uwe Steck. The lawyer from provincial northern Germany worked his way up early on: Frankfurt, New York, London – as a commercial lawyer, he moved in the center of the international financial world, where he earned the nickname “Rocket Man.” But as his influence and success grew, his standards shifted until he found himself at the heart of the Cum-Ex scandal. In 2013, he came under the scrutiny of the investigating authorities. In 2016, he broke with the system and became the number one key witness. It was a decision that almost cost him his life. His statements led to waves of international investigations, billions in claims for repayment, and a series of legal proceedings, but at the same time made him the target of influential circles in the financial world.
In this book, written in the form of an economic crime novel, Kai-Uwe Steck reveals his story for the first time in a brutally honest manner. He describes how cum-ex models worked, what role he himself played in them, why he cooperated with the judiciary, and how the public prosecutor’s office controlled him for almost a decade, made demands of him, and finally dropped him when he was no longer useful to them. The work provides a rare insight into a system that was able to operate in the shadows for a long time, and is at the same time a highly personal narrative about rise, fall, betrayal, responsibility, political blindness, and a radical new beginning. A financial thriller based on true events—powerful, authentic, and highly topical.
Motivation
Kai-Uwe Steck wrote this book out of a deep need to reveal the mechanisms of a system that he had experienced at close quarters and which caused billions in losses for the general public. With this book, he wants to expose the fact that backroom deals, veiled responsibility, and abuse of power continue unabated under the guise of legal structures.
With his openness, he wants to educate, warn, and explain the complex processes in a way that everyone can understand. At the same time, it was an act of self-liberation for him—to put his own story in order, take responsibility, and ruthlessly shed light on his role in the web of high finance. For him, this book is not only a chronicle of a scandal, but also a call to take a closer look at where boundaries are crossed, even if it hurts or the opponent seems overwhelming.
Findings and lessons learned
His years as a key witness had a profound impact on Kai-Uwe Steck, showing him how vulnerable and isolated one becomes when standing up to an overpowering system. In his book, he describes what loyalty, betrayal, and responsibility mean in reality and the personal sacrifices involved. He shows how the decision to cooperate with the justice system had not only legal but also human consequences—threats, loss of reputation, and almost his life. At the same time, he describes how this path forced him to redefine his values and find the courage to stand tall, even when he lacked support. This experience became a lesson in resilience and clarity for him and is now the basis of his commitment to supporting others in times of crisis. The book is therefore not only an insider’s account, but also a reflection on how integrity and responsibility can shape the rest of one’s life.
Note: All proceeds generated by this book will be used by the author to compensate for damages caused by cum-ex fraud.