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. 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. Read More . 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. 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. In addition, the bank has significantly upgraded its skill-set across all AFC risk disciplines, making senior subject matter expert hires in different jurisdictions in order to address regulatory short-comings. Senior Sales Representative Comm/Data at Graybar. The spokesman for Deutsche Bank declined to comment. 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. Attempts to reach Penna were unsuccessful. Its anti-money laundering and financial crime procedures continue to be the subject of scrutiny from regulators. Group Tax confirmed in March 2009 the provision of leverage for cum-ex trades through Deutsche Bank.. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. research and events with special focus on electronic trading, banking, and 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. Further documents: Annual Financial Statements and; Financial Data Supplement Q4 / Full-year Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. [6], According to the Financial Times Deutschland Ackerman earned 9.4million in 2009 and 8.8million in 2010. [10], Media related to Josef Ackermann at Wikimedia Commons. Many of you know him as a great team player across the regions and a true culture carrier. Reuters also contacted his spokeswoman by email, who did not respond. A 2012 reform of the tax code stopped the practice, and the current debate centers on whether the trades were legal before that. . Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund 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. Privacy Notice Like(s), Event A Deutsche Bank executive is suing a son and a brother of Delaware Sen. Joe Biden for at least $10 million over a deal they had to buy into a hedge fund, according to court documents. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. The industry leader for online information for tax, accounting and finance professionals. Richard Carson was most directly responsible for this shortcoming as the direct supervisor of the manager of the trading desk, the report said. An internal report from Deutsche Bank, written by legal firm Freshfields, indicated that senior management at the German bank was aware of the scheme. 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. Our Standards: The Thomson Reuters Trust Principles. Serivas manager, who asked not to be named, said that the company had received no rebates because of the investigation by tax authorities. 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. 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). 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. 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. Email. Investments in improving data and technology continue. Deutsche Bank AG has a new leader for its U.S. entities in Steven Reich, previously general counsel for the Americas at the German . Deutsche Bank 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. investing. Sha'ban 11, 1444 H, EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI. [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. Joe Ravi // Shutterstock #89. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. 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. A person involved in the case gave Reuters the name of a lawyer he said represented Pearson and Penna. Barclays Capital, and Deutsche Bank. They are dated from 2013 to 2015 and marked highly confidential. "Fantstico: Brasileiro larga a medicina e ganha dinheiro fazendo vdeos no YouTube", "Joe Penna / MysteryGuitarMan about page", "Amazing Stop Motion T-Shirt War (VIDEO)", "Saatchi & Saatchi New Directors Showcase Bows in Cannes Extreme Reach", "YouTube and Guggenheim showcase video artists", "CNN YouTube search for most creative videos", "MysteryGuitarMan Joe Penna Brings Interactive Thriller To", "MysteryGuitarMan is the latest YouTube star to get his own TV show", "Mads Mikkelsen To Star In Thriller 'Arctic' From Armory Films", "Mads Mikkelsen on Surviving the Polar Wilderness in 'Arctic', "Cannes Film Festival 2018: Spike Lee, Jean-Luc Godard, Jafar Panahi In Competition; Whither Von Trier? They worked with companies wanting to invest in the scheme as well as the divisions at Deutsche Bank that were responsible for loaning cash. Pearson and Penna have been suspects in the investigation since at least 2014 for their role in cum-ex trading, according to court documents. The bulk of the trading involved that facilitated the scheme took place between 2006 and 2011. articles a month for anyone to read, even non-subscribers! He registered the channel on June 16, 2006. They are dated from 2013 to 2015 and marked "highly confidential". Each of these owners would then be eligible for a dividend and, significantly, a tax credit. The summit runs Nov. 17 - 19 and addresses current global challenges, digitisation and disruption, innovation and shifts in economy. 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. Log in or sign up for Facebook to connect with friends, family and people you know. Freshfields said in the report that staff at Deutsche and Seriva were aware that no withholding tax had been levied. Numerous probes are ongoing. 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. Pearson did not respond to multiple emails sent to him at his new company in Gibraltar. Are sustainable cities a solution to climate change? After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. (Bloomberg) -- For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. 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. Some Ballance units were dissolved. [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. In 2010, Penna's Root Beer Mozart"l was featured on CNN's morning show Morning Express with Robin Meade and on Germany's nationally broadcast Taff show. Karin Matussek and Donal Griffin, Bloomberg News, Josef Ackermann, former chief executive officer of Deutsche Bank AG, looks on before addressing the Sueddeutsche Zeitung Economic Summit in Berlin, Germany, on Thursday, Nov. 17, 2016. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . Reuters could not find any remaining parts of Ballance. 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. [3], By January 2011, MysteryGuitarMan became the most subscribed channel in Brazil. The audits were prepared by Freshfields in Germany and London. One of the five documents is a summary that was handed to the prosecutors in May 2017. He is succeeding Stephan Wilken who held this responsibility since October 2018. Deutsche also provided funding and acquired shares to help a company called Ballance carry out cum-ex deals multiple times between 2009 and 2011, the Freshfields documents say. The documents, seen by Reuters, suggest that Deutsche traders discussed the associated reputational risk and concluded that it was acceptable, although they add that the evidence is "not clear-cut.". The tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said. Last year, Deutsche Bank settled a probe by Frankfurt prosecutors into the Nummus work for 4 million euros. Still, their new natural language processing system deepened their . 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. 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. [19] Xploration Station went on to receive eight Daytime Emmy Award nominations. 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. Saint Joseph's University, +1 more. See Photos. Jan 2017 - Jun 20214 years 6 months. Priti and Shilpa found work-family balance when they resumed their careers. It garnered international attention. The company traded only with Deutsche Bank and other Ballance Group companies, according to a Ballance report for the year ended October 2010. 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. Joe Ravi // Shutterstock Show More Show Less. 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.. He is a member of the Steering Committee of the Bilderberg Group. The country "is moving cautiously because it simply fears that countries on the European periphery will stop reform measures if they see that Berlin is going to guarantee everything", he continued.[13]. The audits were prepared by Freshfields in Germany and London. Other global banks, including Santander and Macquarie, are also under investigation for their roles in cum-ex trading schemes. Penna maintains the YouTube channel MysteryGuitarMan. Full List",, 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. Joe Pena's Phone Number and Email Last Update. 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. Two traders, Simon Pearson and Joe Penna, seem to have been the key figures that triggered the plan initially and dragged along with others. I also want to thank Stephan for his great contributions. Deutsche Bank also had a profit-sharing agreement with Ballance in 2009 and 2010 under which it received 30% to 50% of the money the asset manager made, according to people familiar with the findings of the Cologne probe. 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. 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. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . 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. City. Please join me in thanking Stephan for his work and wishing Joe all the best in his new role. 2/5/2023 1:06 AM. Copyright 2023 Ministry of Information. 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 24 years 4 months Managing Director - Structured Finance - Head of West Coast Deutsche Bank . Market Intelligence 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. Rating(s), 5 One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. Found email list ings include: j*** What is your availability? 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. We will update you on our priorities and respective changes in the organization by mid of June. , Bloomberg. He will report to Simon and split his time between New York and Frankfurt. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Joe has been with the bank for more than 10 years and currently serves as Global Head of Litigation & Regulatory Enforcement and General Counsel for the Americas. 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. See here for a complete list of exchanges and delays. [24] Its theatrical premiere was on February 1, 2019. May 20, 2021 at 03:29 PM. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. February 18 2016 07:44 AM It's hard to keep up with Georgia Penna. He resides in Los Angeles, California. I want to work. Reuters claims that Pearson and Penna acted as middlemen in these deals. 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. 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. Pearson and Penna left Deutsche Bank in 2009 to join Ballance Group, an asset management company that advised funds and other market participants who engaged in Cum-Ex transactions. According to a Reuters report published on Friday, the German bank misled authorities into thinking that certain stocks had multiple owners. Others, which were renamed, dont have listed phone numbers. Reuters also contacted Josef Schucker, a person named in the Freshfields audit as the sole investor in Seriva. esgSubNav, Discover more about S&P Globals offerings, Global Economies in Flux: Drive Decisions with the Purchasing Managers Index (PMI) Data, Staying Strong in Volatile Markets: How Banks Can Overcome Challenges to Funding and Lending, The Rising Importance of Sustainability in Credit Risk, 10:00 - 11:00 am EST | 4:00 - 5:00 pm CET. [14], In June 2010, Penna was highlighted by CNN Money on their Best Jobs series. 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. It was shot in Iceland and stars Mads Mikkelsen. 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. Read this Term scandal. At the core of the new division is the Global Transaction Banking (GTB) business which is an established market leader in Europe, with on the ground presence in 60 countries, The Investment Bank focuses on its traditional strengths in financing, advisory, fixed income and currencies. Salama has been with the bank for more than ten years and currently serves as global head of litigation and regulatory enforcement, as well as general counsel for the Americas. Find your friends on Facebook. Joe Pena works at Deutsche Bank, which is a Banking company with an estimated 83,000 employees. 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.