Contacted for this story, spokesmen for both banks said they are cooperating with investigators. It granted one fund a loan of 942 million euros for the trades; another, 743 million euros. In 2009, Penna directed an ad in collaboration with Rhett and Link titled T-Shirt War. Ballance also hired several other Deutsche Bank employees to work on the Cum-Ex deals. White House: Unacceptable for states to target access to federally approved abortion pills, LabMD loses lawsuit accusing FTC of conspiring in hacking, Reporting by Matt Scuffham , Bloomberg. To contact the reporters on this story: Karin Matussek in Berlin at kmatussek@bloomberg.net;Donal Griffin in London at dgriffin10@bloomberg.net, To contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net, ;Sree Vidya Bhaktavatsalam at sbhaktavatsa@bloomberg.net, Christopher Elser, Chris Reiter, {{data.symbol | reutersRICLabelFormat:group.RICS}}, {{ stock | formatPrefix }}{{ stock.netChng | formatNetChange }}. He registered the channel on June 16, 2006. Reuters, Saturday, March 04, 2023 | In the shadow of a turbulent future, The Bloomberg New Economy Forum brought together world leaders for face-to-face discussions on the global threats we face. [15], His stop-motion short film Guitar: Impossible was selected to be displayed at the Guggenheim museum. Oct. 29, 2020, 11:20 AM. From raising children, to caring for family members, taking a career break can be challenging, but these experiences away from the office can expand skill sets and widen perspectives. A German probe found that Deutsche Bank even had a profit-sharing agreement with one firm that specialized in the transactions, according to people familiar with the findings. Stephan will assume a new responsibility within our bank, which we will announce in due course. Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. One of the five documents is a summary that was handed to the prosecutors in May 2017. Each of these owners would then be eligible for a dividend and, significantly, a tax credit. Steven Reich is now CEO of Deutsche Bank Trust Co. Americas. Deutsche Bank profited by lending money to buyers and shares to short sellers in the transactions, said the people, asking not to be identified because the probe isnt public. In November 2014 he was elected as chairman of the board of directors of the Bank of Cyprus following the proposal of the new major shareholder of the bank Wilbur Ross, who later became the Commerce Secretary in the Trump Administration. I was not personally involved in any Cum-Ex activity, and I am very confident that the investigation will show no personal wrongdoing by me, Ritchie said in an email sent by the bank. Prosecutors have been conducting a criminal probe into some of the biggest names in European and U.S. finance, looking at the roles played by banks, law firms and others. [18], In August 2014, Penna was announced as the host of Xploration Earth 2050, a technology-oriented television series. Last month, the German financial regulator BaFin ordered Deutsche Bank to enact further safeguards to prevent money laundering, a blow to the bank's efforts to repair its reputation. Deutsche Bank acted as the prime broker for several Cum-Ex investors that were Ballance clients, according to the probes findings. Seriva obtained withholding tax certificates from DB Frankfurt, the report said, adding later: Employees of DB London knew that no withholding taxes had been levied.. I am convinced that together we will be able to achieve our objectives. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, iPhone Maker Plans $700 Million India Plant in Shift From China, S&P 500 Notches Best Week Since Late January: Markets Wrap, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Zoom Abruptly FiresPresident Greg Tomb Without Cause. Joe Pena's Phone Number and Email Last Update. The information you requested is not available at this time, please check back again soon. He also chairs the Legal Diversity and Inclusion Council. Our Standards: The Thomson Reuters Trust Principles. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. A series of internal audits commissioned by Deutsche Bank and carried out by Freshfields looks at the bank's loans to companies that carried out this type of trade. Sign Up. See here for a complete list of exchanges and delays. Even though evidence is not clear-cut, there are a lot of indications that the staff of SETG (Strategic Equities Transactions Group) and managers, who were responsible for Prime Brokerage at the SEF-IM (Structured Equity Finance Inventory Management) trading desk, discussed the reputational risk for Deutsche Bank from its provision of finance in January 2009 and came to the conclusion that this was acceptable, one of the Freshfields audits said. Saint Joseph's University, +1 more. In recent years, Joe has negotiated almost all of our major AFC-related legal settlements and has been a key contact for our monitors as well as for regulators and enforcers worldwide. According to Deutsche Bank, "Monetary stimulus has been equally breath-taking. How can companies and decision-makers reset for growth beyond corona virus. They are dated from 2013 to 2015 and marked highly confidential. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 - Percent high meaning: 48% . [19] Xploration Station went on to receive eight Daytime Emmy Award nominations. Reuters received no response to two emails sent to his company. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Company profile for Deutsche Bank AG including key executives, insider trading, ownership, revenue and average growth rates. Joe Salama will split his time between Frankfurt and the U.S., as the bank tries to keep a close relationship with U.S. authorities Germany's Deutsche Bank has run into problems with. After studying economics and social Sciences at the University of St. Gallen in Switzerland,[3] he continued his time there as a research assistant at the Department of Economics and went on to receive a doctorate in the subject. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty. Jnatas "Joe" de Moura Penna (born May 29, 1987) is a Brazilian musician and filmmaker best known from both his YouTube channel MysteryGuitarMan and his feature films. All quotes delayed a minimum of 15 minutes. I am pleased to announce that the Management Board has appointed Joe Salama as Global Head of Anti-Financial Crime (AFC) and Group Anti Money Laundering Officer. Deutsche Bank commissioned law firm Freshfields to write the five audits as part of an internal investigation into its role in cum-ex trading between 2006 and 2011. Jnatas "Joe" de Moura Penna (born May 29, 1987) is a Brazilian musician and filmmaker best known from both his YouTube channel MysteryGuitarMan and his feature films. [10], Media related to Josef Ackermann at Wikimedia Commons. Copy of Case 1 Did Info Systems Cause Deutsche Bank to Stumble; ECON 208 - Final Study Guide; Solomon Consumer Behaviour Chap 1 test bank; Sample/practice exam 2016, questions . YouTube. Some Deutsche Bank managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a The audit dated April 16, 2015 pointed to significant failings in overseeing two traders, Simon Pearson and Joe Penna, who they say acted as middle men between the clients and the bank departments that lent money to fund the cum-ex scheme and issued tax certificates. Read this Term scandal. Privacy Notice Deutsche Bank commissioned law firm Freshfields to write the five audits as part of an internal investigation into its role in cum-ex trading between 2006 and 2011. May 20, 2021 at 03:29 PM. During the height of the activity from 2008 to 2011, the bank took on clients that did nothing but such deals. [12], Following the success of the original, Penna and the original cast were hired to produce a national television and cinema spot for Coca-Cola and McDonald's. The Annual Report 2021 includes an overview of Deutsche Bank, the management report with the compensation report, the bank's audited consolidated financial statements, the corporate governance statement and supplementary information. Corporate title. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europe's Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. He registered the channel on June 16, 2006. According to a Reuters report published on Friday, the German bank misled authorities into thinking that certain stocks had multiple owners. Investment Bank Private Bank Awards Client logins Locations worldwide Mobile services Reports Responsibility Sustainability Sustainability Deep Dive Society Art, Culture & Sports Responsibility reports Focus topics Cloud Corporate venture capital Deutsche Bank at COP Digital disruption Entrepreneurial success Innovation network Responsible growth He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . Deutsche Bank ( CEO, 2002-2012) Bank of Cyprus ( Chairman, 2014-2019) Josef Meinrad Ackermann (born 7 February 1948) is a Swiss banker, former Chairman of the Bank of Cyprus, and former chief executive officer of Deutsche Bank. Richard Carson was most directly responsible for this shortcoming as the direct supervisor of the manager of the trading desk, the report said. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Other global banks, including Santander and Macquarie, are also under investigation for their roles in cum-ex trading schemes. That criticism about oversight is leveled at management generally but it does briefly single out one individual. Many of you know him as a great team player across the regions and a true culture carrier. Joe Ravi // Shutterstock #89. The Deutsche Bank spokesman declined to comment on Seriva. For example, Deutsche Bank issued a company called Seriva with 5.8 million euros of tax certificates, allowing the firm to make claims for tax rebates. Banks or Fintechs Who will be shaping the future of the financial industry? In 2009, Penna was again seen on the front page of YouTube with his video Guitar: Impossible, which has been covered by De Wereld Draait Door, the highest-rated primetime show in the Netherlands. articles a month for anyone to read, even non-subscribers! Deutsche Bank used tools in its Data Lab in Ireland and open source libraries to mine the bank's information for opportunities. (Bloomberg) -- For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Editing by Peter Graff, US Justice Dept warns of steeper penalties for firms that fall foul of messaging policies, Analysis: US Republicans aim to stymie gun sale codes at state level, Factbox: A look at proposed US state laws to curb new gun merchant code, Biden administration announces plan to stop water plant hacks, American Airlines, flight attendants union seek mediation in contract negotiations, Media report that UAE considering leaving OPEC not true - sources, Private equity firms lend less as demand cools, Nissan and Mexican workers agree to 9% raise at Morelos plant, union says, Brazil's Petrobras faces legal risks after halting asset sales -lawyers, Exclusive news, data and analytics for financial market professionals. We will continue our 60 day strategic review in the new CAO area. Log in or sign up for Facebook to connect with friends, family and people you know. [3], By January 2011, MysteryGuitarMan became the most subscribed channel in Brazil. Still, their new natural language processing system deepened their . Nummus specialized in Cum-Ex deals, and the men would have known the nature of its work because of the material they reviewed, according to the report. For CEO Christian Sewing, whos trying to turn the tide at Germanys biggest bank after years of painful missteps, the escalation couldnt come at a more precarious time. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . AFC remains to be critically important. FRANKFURT, Jan 27 (Reuters) - Deutsche Bank delivered its most profitable year in a decade on the back of a dealmaking bonanza, strengthening Chief Executive Christian Sewing's hand as he. Deutsche Bank's Joseph Salama was critical in negotiating settlements with global regulators on the bank's behalf, the bank's chief administrative officer said. Germany . Email. Barclays Capital, and Deutsche Bank. German prosecutors say the schemes participants misled the government into thinking a stock had multiple owners on its dividend payday who were each owed a dividend and a tax credit, according to court documents. A German probe found that Deutsche Bank even had a profit-sharing agreement with one firm that specialized in the transactions, according to people familiar with the findings. Group Tax confirmed in March 2009 the provision of leverage for cum-ex trades through Deutsche Bank. A Deutsche Bank spokesman said that Deutsche Bank was involved in some of its clients cum-ex transactions and that it was fully cooperating with investigators. It was reported in December 2018 that Deutsche had agreed to pay 4 million to settle an investigation by Frankfurt prosecutors into its involvement in the so-called cum-ex trades. They are dated from 2013 to 2015 and marked highly confidential. Terms, Cookies Penna did not respond to a letter requesting comment sent to his home in London. We will continue to strengthen our controls and increase collaboration within the AFC function as well as our collaboration with the business lines and the tech organization. City. The bulk of the trading involved that facilitated the scheme took place between 2006 and 2011. One of the five documents is a summary that was handed to the prosecutors in May 2017. College of the Holy Cross Updated 42 min ago - Mid-career pay: $127,100 - Early career pay: $65,600 . NEW YORK, May 18 (Reuters) - Deutsche Bank (DBKGn.DE) has appointed Joe Salama, its U.S. general counsel, as global head of anti-financial crime (AFC) and group anti money laundering officer, the bank said in a memo to employees on Tuesday. In 2007, Penna was one of the first YouTube channels to receive mainstream media coverage, including attention from DC Fox News,[7] after his video The Puzzle was featured on the front page of YouTube. Now, its approaching the highest levels of the German lender, with three key figures -- investment banking chief Garth Ritchie, former co-Chief Executive Officer Anshu Jain and his predecessor Josef Ackermann -- among 80 suspects linked to the bank and being probed by prosecutors in the so-called Cum-Ex affair, according to people familiar with the matter. The change will be effective as of July 1st to ensure a smooth transition. Log In. /marketintelligence/en/news-insights/trending/bNfD9yUmwF2-mqAqA1EEoQ2 Among key figures involved in Cum-Ex work at Deutsche Bank, the people said, were Simon Pearson and Joe Penna, former managers who left the bank in 2009. As it attempts to stymie ongoing losses, it has also been caught up in Danske Banks Estonian Money Laundering Climate emergency: can green tech save us? Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. In what is being described as Germanys largest post-World War Two fraud scandal, audits into a tax rebate scheme run by Deutsche Bank have allegedly revealed that senior management at the firm was aware that they were scamming the government. [5] At the annual shareholder meeting in late May 2012, he "handed over the CEO baton" to co-CEOs Anshu Jain and Juergen Fitschen. Professional. and Reuters does not know whether the Freshfields documents are the final versions, but prosecutors have been given the summary for use in their investigation, according to a letter sent to the chief prosecutor, seen by Reuters. A Corporate Bank as hub for corporate and commercial clients. I would not accept that there was any failings on my part. The report did not implicate him further in the cum-ex scheme. Market Intelligence Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. content Germany's largest lender has been the subject of numerous regulatory and legal investigations over the past decade. Two traders, Simon Pearson and Joe Penna, seem to have been the key figures that triggered the plan initially and dragged along with others. Freshfields said in the report that staff at Deutsche and Seriva were aware that no withholding tax had been levied. The April 16 report said that the banks controls over the trading desk headed by Pearson were too weak and this was a serious shortcoming. The documents were obtained as part of a European media investigation coordinated by non-profit newsroom Correctiv. Manage Cookies, Deutsche Bank Execs Were Aware of Tax Fraud Scheme. According to Reuters, senior figures at both Deutsche Bank and Seriva were aware that no withholding tax had been levied. Cologne prosecutors are still probing the banks activities related to other investors and declined to comment. Reuters also contacted Josef Schucker, a person named in the Freshfields audit as the sole investor in Seriva. Report: Internal Deutsche audit details links to 'cum-ex' scandal, Banking Essentials Newsletter: Feb 22nd Edition, Wells Fargo Securities Now Available in S&P Globals Aftermarket Research Collection, A Central Bank Gains Market Intelligence to Support its Supervision and Stability Roles, According to Market Intelligence, February 2023. In order to get their plan, however, Deutsche Bank had to give money to companies with which to do the transactions in question, in return for them to obtain tax preferences. The spokesman for Deutsche Bank declined to comment. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. [8], Days after retirement and on the eve of a conference call by G7 finance ministers and central bank governors on the continuing European debt crisis, Ackerman said in a speech to the Atlantic Council that "Germany will ultimately take whatever steps [are] necessary to keep the euro zone intact", according to one report. Now, its approaching the highest levels of the German lender, with three key figures -- investment banking chief Garth Ritchie, former co-Chief Executive Officer Anshu Jain and his predecessor Josef Ackermann -- among 80 suspects linked to the bank and being probed by prosecutors in the so-called Cum-Ex affair, according to people familiar with the matter. Are sustainable cities a solution to climate change? Among key figures involved in Cum-Ex work at Deutsche Bank, the people said, were Simon Pearson and Joe Penna, former managers who left the bank in 2009. Deutsche Bank AG has a new leader for its U.S. entities in Steven Reich, previously general counsel for the Americas at the German . The new details of the case come at a difficult time for Deutsche Bank as it tries to repair its public image and relations with Berlin after a series of fines relating to other trading scandals. He resides in Los Angeles, California. View Joe Pehar's profile on LinkedIn, the world's largest professional community. Nummus went through a customer acceptance procedure, with Deutsche Banks legal department reviewing the contracts and the credit risk management unit conducting due diligence, including a review of the business model and the trading strategy, according to the report. Josef Meinrad Ackermann (born 7 February 1948) is a Swiss banker, former Chairman of the Bank of Cyprus, and former chief executive officer of Deutsche Bank. Under his leadership, the AFC team has demonstrated significant progress in the fight against financial crime. Full List", https://en.wikipedia.org/w/index.php?title=Joe_Penna&oldid=1131180368, Brazilian expatriates in the United States, Short description is different from Wikidata, Articles containing potentially dated statements from January 2019, All articles containing potentially dated statements, Creative Commons Attribution-ShareAlike License 3.0, Guitar, bass guitar, drums, keyboards, vocals, This page was last edited on 2 January 2023, at 23:15. Pearson did not respond to multiple emails sent to him at his new company in Gibraltar. In an email to Reuters he said: I have not seen, nor have been provided with any copies of the reports you mention in your communication. The audits were prepared by Freshfields in Germany and London. I want to work. Cash, card, crypto: how the way you pay will affect your life, My way, your way different paths to success. He is succeeding Stephan Wilken who held this responsibility since October 2018. The audits were prepared by Freshfields in Germany and London. Ballance Overseas Management Ltd., a London-based entity where he was a director, became a client of Deutsche Banks prime brokerage in February 2010 and had borrowed about 404 million euros within months, U.K. filings show. Deutsche Bank launched its US intermediate holding company, DB USA Corporation, on July 1, 2016, under which most of its US-based operations were consolidated as required by the Dodd-Frank Act. He was born in Walenstadt,[1] Canton of St. Gallen, Switzerland, raised in Mels in a Catholic home,[2] and is a graduate of the University of St. Gallen (HSG). Money Laundering See here for a complete list of exchanges and delays. Joe is currently based in Florida. Its anti-money laundering and financial crime procedures continue to be the subject of scrutiny from regulators. [4], Ackermann agreed at the end of 2009 to continue as chief executive of Deutsche Bank for another three years until 2013. Photographer: Krisztian Bocsi/Bloomberg News. trending Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. The law firms report, delivered in 2013 and seen by Bloomberg News, describes how Pearson brought on Nummus as a new client. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The bank issued tax certificates for withholding tax that had never been deducted and made loans to clients to allow them to participate in the scheme to claim tax rebates, according to the audits. Joe Pena works at Deutsche Bank, which is a Banking company with an estimated 83,000 employees. AFC has also worked closely with the businesses to formulate a target operating model which permit our business partners to actively manage our financial crime risks. A person involved in the case gave Reuters the name of a lawyer he said represented Pearson and Penna. The practice was named after the Latin term cum/ex, meaning with/without, because the stocks were sold with and delivered without a dividend payment. The appointment is subject to final regulatory approvals. Joe will play an important role in this review. Search Reset. Deutsche Bank said that it never participated in an organized Cum-Ex market, neither as a short seller nor as a Cum-Ex buyer. It acknowledges that as a major participant in the capital markets, Deutsche Bank was involved in Cum-Ex transactions of its clients and said it is cooperating with the authorities. He resides in Los Angeles, California. How cloud technology is silently revolutionising our economy. In 2008, Pearson was a managing director and Penna a director in Deutsche Banks London-based prime finance unit, according to an investigation the bank commissioned by Freshfields Bruckhaus Deringer LLP into its dealings with Nummus Financial GmbH. The mens work and Ballances role are described in detail in an indictment Cologne prosecutors filed in April against two former London bankers who worked at Ballance, according to the people. Senior Sales Representative Comm/Data at Graybar. Some Ballance units were dissolved. Joe Penna. Over the past 2 years, the bank has invested substantially in building its capabilities in Financial Crime Risk management. Others, which were renamed, dont have listed phone numbers. Joe Penna Sr ESE at Phoenix Contact Independence, OH Joe Penna Principal Owner at PHNX Development San Juan Capistrano, CA 60 others named Joe Penna are on LinkedIn See others named. Subject to regulatory approvals, Salama will succeed Stephan Wilken on July 1, Stefan Simon, Deutsche Bank's Chief Administrative Officer, said in the memo. It has not been a good couple of months for Deutsche Bank. In March 2019 the New York Times reported that Ackermann was aware of the business dealings between the New York branch of the bank and Donald Trump. The company traded only with Deutsche Bank and other Ballance Group companies, according to a Ballance report for the year ended October 2010. Investments in improving data and technology continue. Deutsche made at least 18 million. (Charles W. Lamb; Carl McDaniel; Joe F. Hair) Business-To-Business Marketing (Robert P. Vitale; Joseph Giglierano; Waldemar Pfoertsch) Cognitive Psychology (Robert . [13] A year later, Penna directed and starred in yet another commercial for the two companies. The German bank is embroiled in a probe into the cum-ex trades, a dividend-stripping technique used to avoid paying taxes. It was shot in Iceland and stars Mads Mikkelsen. Total losses from the Cum-Ex trade across Europe have been estimated at 55 billion; Joe Penna was a key figure in the Deutsche Bank unit financing the controversial transactions. Within 6 hours, it became the third most subscribed channel in Brazil.[1]. Even though evidence is not clear-cut, there are a lot of indications that the staff of SETG (Strategic Equities Transactions Group) and managers, who were responsible for Prime Brokerage at the SEF-IM (Structured Equity Finance - Inventory Management) trading desk, discussed the reputational risk for Deutsche Bank from its provision of finance in January 2009 and came to the conclusion that this was acceptable, one of the Freshfields audits said. One part of the audit addresses Deutsche Banks decision to lend money to companies what the audit calls provision of finance -- so that those companies could carry out cum-ex trades and the discussion of risks to its reputation. Deutsche issued Seriva with 5.8 million euros of withholding tax certificates, allowing Seriva to make claims for tax rebates. PDF PDF (Q1 2018 results) PDF PDF (Ad-hoc release strategy) PDF PDF (Release strategy) PDF PDF (Q2 2018 segment and financial statements structure) XLS (Q2 2018 segment and financial statements structure) PDF PDF. Deutsche Bank will no longer do business with President Donald Trump, a move that will cut off his business from a major source of loans that once helped fund his golf courses and hotels. [8] On December 6, 2009, Penna was featured on FM4, an Austrian national radio station. The bank issued tax certificates for withholding tax that had never been deducted and made loans to clients to allow them to participate in the scheme to claim tax rebates, according to the audits. Will greater investment in water resources make for a more sustainable future? News. 2/5/2023 1:06 AM. Copyright 2023 "Finance Magnates CY Ltd." All One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. PDF Presentation Fixed Income Call. [9] Shortly after uploaded, his "Guitar: Impossible" video was featured on the MSN.com front page. On this Wikipedia the language links are at the top of the page across from the article title. More: The Tax Dodge That Cost the German Treasury Billions of Euros. [24] Its theatrical premiere was on February 1, 2019. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report said. February 18 2016 07:44 AM It's hard to keep up with Georgia Penna. PDF Transcript Fixed Income Call.