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. After leaving university Ackermann went to work in 1977 for the Swiss multinational investment bank Credit Suisse, which he left in 1996. 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. Serivas manager, who asked not to be named, said that the company had received no rebates because of the investigation by tax authorities. December 20, 2022. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Oct. 29, 2020, 11:20 AM. According to one of the Freshfields reports dated Nov 28, 2013, Deutsche lent shares to Seriva, a client involved in cum-ex, via a chain of brokers in 2008. 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). See here for a complete list of exchanges and delays. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. Joe Pena's Phone Number and Email Last Update. 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. I also want to thank Stephan for his great contributions. Deutsche Bank used tools in its Data Lab in Ireland and open source libraries to mine the bank's information for opportunities. articles a month for anyone to read, even non-subscribers! Read this Term scandal. He was a non-executive director of Vodafone from 2000 to 2002. Find other Joe Pennas on Spoke Contact Telephone Email Background Report Public Records powered by Digital Info Resume EDIT CAREER Deutsche Bank EDIT EDUCATION Blogs By Industry Voices Achievements and Recognition Copyright 2023 Ministry of Information. [10], Media related to Josef Ackermann at Wikimedia Commons. 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. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. Company profile for Deutsche Bank AG including key executives, insider trading, ownership, revenue and average growth rates. Ford selected Penna as a Fiesta Agent for the 2009 Ford Fiesta Movement. Prior roles include Americas Head of Litigation and Head of Legal for the Non-Core Operations Unit. How can companies and decision-makers reset for growth beyond corona virus. The industry leader for online information for tax, accounting and finance professionals. The Deutsche Bank spokesman declined to comment on Seriva. Deutsche Bank acted as the prime broker for several Cum-Ex investors that were Ballance clients, according to the probes findings. The spokesman for Deutsche Bank declined to comment. Corporate title. Engage via Email. Joe Penna, the husband of Irish model Georgia Salpa, has been caught up in a share-trading scandal that may have cost German taxpayers billions of euro. The Deutsche Bank spokesman declined to comment. Deutsche Bank 24 years 4 months Managing Director - Structured Finance - Head of West Coast Deutsche Bank . 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. [4], Ackermann agreed at the end of 2009 to continue as chief executive of Deutsche Bank for another three years until 2013. 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. (Bloomberg) -- For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. The law firms report, delivered in 2013 and seen by Bloomberg News, describes how Pearson brought on Nummus as a new client. [18], In August 2014, Penna was announced as the host of Xploration Earth 2050, a technology-oriented television series. The appointment is subject to final regulatory approvals. They are dated from 2013 to 2015 and marked highly confidential. 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. 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. Joe will be based in Frankfurt and in New York to ensure close collaboration with all our regulators. It was shot in Iceland and stars Mads Mikkelsen. [16][17], In 2012, Penna co-wrote and directed an original interactive thriller series titled Meridian starring Orlando Jones and Rick Overton in conjunction with Fourth Wall Studios. Will greater investment in water resources make for a more sustainable future? They allowed multiple investors to claim a refund on a dividend tax that was paid only once, according to German authorities. The audits were prepared by Freshfields in Germany and London. 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. The company also acted as a custodian and issued tax certificates needed for the deals, they said. How cloud technology is silently revolutionising our economy. Are sustainable cities a solution to climate change? See here for a complete list of exchanges and delays. [14], In June 2010, Penna was highlighted by CNN Money on their Best Jobs series. A German lawyer for Pearson declined to comment. He also chairs the Legal Diversity and Inclusion Council. 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. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund, The Impact of Rising Interest Rates on Banking Operations, Fintech Innovation in the Payments Industry in 2023, The German banking giant is already embroiled in Danske Bank's money laundering scandal. [5] At the annual shareholder meeting in late May 2012, he "handed over the CEO baton" to co-CEOs Anshu Jain and Juergen Fitschen. 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. [19] Xploration Station went on to receive eight Daytime Emmy Award nominations. Joe is currently based in Florida. content It garnered international attention. According to a Reuters report published on Friday, the German bank misled authorities into thinking that certain stocks had multiple owners. Contact Head Office U.S.A. Deutsche Bank One Columbus Circle New York, NY, 10019 Telephone: +1(212) 250-2500 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. 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. S ince upping sticks from Dublin in 2012, the former Celebrity Big Brother star has been jet-setting around the world with her. [24] Its theatrical premiere was on February 1, 2019. [10] Penna's "Guitar: Impossible" video was also featured by YouTube as one of the best videos of 2009. He is a member of the Steering Committee of the Bilderberg Group. He was also a finalist in the "Oreo Global Moments" video competition. 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. 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 The authorities say the scheme, called cum-ex and involving several other global banks, cost the state 5.6 billion euros in rebates that should not have been paid. Contacted for this story, spokesmen for both banks said they are cooperating with investigators. The authorities say the scheme, called cum-ex and involving several other global banks, cost the state 5.6 billion euros in rebates that should not have been paid. Reuters has seen the Freshfields documents, as well as thousands of pages of bank files, correspondence and court documents relating to the cum-ex case. Pearson and Penna, the two Deutsche Bank traders, left to work for Ballance in 2009, when they became part owners, according to the Freshfields documents. 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. Joe Pena works at Deutsche Bank, which is a Banking company with an estimated 83,000 employees. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Banks or Fintechs Who will be shaping the future of the financial industry? Philadelphia, PA. GRAYBAR, +3 more. That compares. They are dated from 2013 to 2015 and marked highly confidential. February 18 2016 07:44 AM It's hard to keep up with Georgia Penna. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . Deutsche issued Seriva with 5.8 million euros of withholding tax certificates, allowing Seriva to make claims for tax rebates. The tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said. Germany's largest lender has been the subject of numerous regulatory and legal investigations over the past decade. Deutsche Bank AG has a new leader for its U.S. entities in Steven Reich, previously general counsel for the Americas at the German . Joe Penna. 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.. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. And so Deutsche Bank all of a sudden became one of the most aggressive places to work on Wall Street. 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. 18 of 152 19 of 152 #89. Find your friends on Facebook. He declined to comment further. 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. 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. 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. Other global banks, including Santander and Macquarie, are also under investigation for their roles in cum-ex trading schemes. Within 6 hours, it became the third most subscribed channel in Brazil.[1]. [20], In March 2016, his short film Turning Point was selected to play at the Tribeca Film Festival.[21]. There are lots of indications that some managers discussed the reputational risks of Deutsche Banks involvement in a share-trading scheme that is the subject of Germanys biggest post-war fraud investigation, according to a conclusion in one of five internal audits. Richard Carson was most directly responsible for this shortcoming as the direct supervisor of the manager of the trading desk, the report said. [11] Shortly after, Penna was selected as one of the top 10 new directors at the 20th Cannes Lions Saatchi & Saatchi New Directors' Showcase. In order for the scheme to work, Deutsche Bank would loan money to firms which would then make trades which, in turn, they could then claim tax credits on. After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. Further documents: Annual Financial Statements and; Financial Data Supplement Q4 / Full-year 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. Stephan and his team has developed, and commenced implementation of, the banks AFC Strategy to address the foundational requirements for robust financial crime risk management. Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. Barclays Capital, and Deutsche Bank. An internal report from Deutsche Bank, written by legal firm Freshfields, indicated that senior management at the German bank was aware of the scheme. research and events with special focus on electronic trading, banking, and 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. City. PDF Presentation Fixed Income Call. See Photos. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Sign Up. The summit runs Nov. 17 - 19 and addresses current global challenges, digitisation and disruption, innovation and shifts in economy. Strengthening Deutsche Banks control environment is a key priority for the Management Board and for each and every one of us. Market Intelligence Terms, Cookies Search Reset. [3], By January 2011, MysteryGuitarMan became the most subscribed channel in Brazil. Found email list ings include: j***@db.com. Authorities grew suspicious and refused to pay Nummus any tax refunds, according to a public filing. Jan 2017 - Jun 20214 years 6 months. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund
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