Other global banks, including Santander and Macquarie, are also under investigation for their roles in cum-ex trading schemes. 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. Deutsche Bank announces additional measures to reinforce net zero commitment, Deutsche Bank and WWF agree on cooperation, A message from Christian Sewing on our full-year results 2022, Deutsche Bank reports 2022 profit before tax of 5.6 billion, Deutsche Bank publishes 2023 SREP requirements, Christian Sewing: "We need an Agenda 2030 for Europe", Global Advisory Board to advise Deutsche Bank on key trends in business and politics, A message from Christian Sewing on Q3 results 2022, Copyright 2023 Deutsche Bank AG, Frankfurt am Main, 0 I also want to thank Stephan for his great contributions. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 - Percent high meaning: 48% . 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. How can companies and decision-makers reset for growth beyond corona virus. 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. On Monday, Frankfurt prosecutors raided residential and business locations in an investigation unrelated to Deutsche Bank. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund Terms, Cookies Philadelphia, PA. GRAYBAR, +3 more. 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. 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. 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 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]. February 18 2016 07:44 AM It's hard to keep up with Georgia Penna. 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. 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. 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. 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. [5], On September 11, 2005,[6] Penna launched a second YouTube channel, where he uploads his making-of videos and vlogs. 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 In October 2001, Deutsche Bank was the first German bank to list on the NYSE and one of the largest foreign-based employers in New York City. Money Laundering 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. facebook; twitter; linkedin; pinterest; Laura Scott ankleboot Nero Nuovo PUMPS schnrpumps Scarpe da donna 10cm paragrafo. Contact - Deutsche 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. Global Head of Litigation and Regulatory Enforcement. 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. Contacted for this story, spokesmen for both banks said they are cooperating with investigators. The audits were prepared by Freshfields in Germany and London. He registered the channel on June 16, 2006. We will continue our 60 day strategic review in the new CAO area. Among key figures. Stephan will assume a new responsibility within our bank, which we will announce in due course. The summit runs Nov. 17 - 19 and addresses current global challenges, digitisation and disruption, innovation and shifts in economy. Its anti-money laundering and financial crime procedures continue to be the subject of scrutiny from regulators. "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 Rides.tv", "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? According to Deutsche Bank, "Monetary stimulus has been equally breath-taking. 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. Will Covid-19 be an opportunity or threat to sustainable development? What does it take to make bold moves in business? [11] Shortly after, Penna was selected as one of the top 10 new directors at the 20th Cannes Lions Saatchi & Saatchi New Directors' Showcase. The finance giant had Cum-Ex clients that were loaned as much as 1 billion euros ($1.13 billion). 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. 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. 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. Joe Pena's Phone Number and Email Last Update. 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. An internal report from Deutsche Bank, written by legal firm Freshfields, indicated that senior management at the German bank was aware of the scheme. DB | Deutsche Bank AG Company Profile & Executives - WSJ One of the five documents is a summary that was handed to the prosecutors in May 2017. Joe Penna Deutsche Bank Alias or nickname Find other people named Joe Pennas General Info at Deutsche Bank Not who you're looking for? Joe Penna - owner - Joseph E Penna | LinkedIn 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. I would not accept that there was any failings on my part. The report did not implicate him further in the cum-ex scheme. And so Deutsche Bank all of a sudden became one of the most aggressive places to work on Wall Street. He was a non-executive director of Vodafone from 2000 to 2002. The Freshfields audits say the two traders were aware the prime brokerage services were being used to help other companies carry out cum-ex deals. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . The bulk of the trading involved that facilitated the scheme took place between 2006 and 2011. 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Richard Carson was most directly responsible for this shortcoming as the direct supervisor of the manager of the trading desk, the report said. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. 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. Quarterly Results - Deutsche Bank Best Buy announced Penna as the $15,000 winner of their Tech-U-Out Video Challenge. 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. , Bloomberg. Penna maintains the YouTube channel MysteryGuitarMan. Mendoza pushes for law requiring greater deposits in Illinois' 'rainy He will report to Simon and split his time between New York and Frankfurt. According to a Reuters report published on Friday, the German bank misled authorities into thinking that certain stocks had multiple owners. 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. Contact Head Office U.S.A. Deutsche Bank One Columbus Circle New York, NY, 10019 Telephone: +1(212) 250-2500 Serivas manager, who asked not to be named, said that the company had received no rebates because of the investigation by tax authorities. 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 Sign Up. The Digital Side Of Deutsche Bank That You Have Not Heard About - Forbes It garnered international attention. As it attempts to stymie ongoing losses, it has also been caught up in Danske Banks Estonian Money Laundering 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. 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. Deutsche Bank Elevates Top Americas Lawyer to Trust Company Role. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. [8] On December 6, 2009, Penna was featured on FM4, an Austrian national radio station. People named Joe Penna. College of the Holy Cross Updated 42 min ago - Mid-career pay: $127,100 - Early career pay: $65,600 . The company traded only with Deutsche Bank and other Ballance Group companies, according to a Ballance report for the year ended October 2010. Finance Magnates is a global B2B provider of multi-asset trading news, [4] As of January2019[update], his channel has garnered over 2.6 million subscribers, and his videos have accrued nearly 400 million views. 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. 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. Reuters claims that Pearson and Penna acted as middlemen in these deals. 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 . A 2012 reform of the tax code stopped the practice, and the current debate centers on whether the trades were legal before that. 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. They are dated from 2013 to 2015 and marked highly confidential. 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. Privacy Notice Strengthening Deutsche Banks control environment is a key priority for the Management Board and for each and every one of us. [5] At the annual shareholder meeting in late May 2012, he "handed over the CEO baton" to co-CEOs Anshu Jain and Juergen Fitschen. Deutsche issued Seriva with 5.8 million euros of withholding tax certificates, allowing Seriva to make claims for tax rebates. or. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund Further documents: Annual Financial Statements and; Financial Data Supplement Q4 / Full-year News. Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. [10] Penna's "Guitar: Impossible" video was also featured by YouTube as one of the best videos of 2009. 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. Search Roles - Deutsche Bank Careers Fund manager sues son and brother of U.S. Senator Biden 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. He will report to me and become a member of my Executive Committee. The controversial transactions -- widely reported to have cost German taxpayers more than 10 billion euros -- involved the sale of borrowed shares just before a company was due to pay a dividend. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. [18], In August 2014, Penna was announced as the host of Xploration Earth 2050, a technology-oriented television series. 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. Oct. 29, 2020, 11:20 AM. Still, their new natural language processing system deepened their . Last year, Deutsche Bank settled a probe by Frankfurt prosecutors into the Nummus work for 4 million euros. Are sustainable cities a solution to climate change? 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.. Group Tax confirmed in March 2009 the provision of leverage for cum-ex trades through Deutsche Bank.. 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. On this Wikipedia the language links are at the top of the page across from the article title. That compares. 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. Joseph Salama - Global Head of Anti-Financial Crimes and AMLO [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. Barclays Capital, and Deutsche Bank. Sha'ban 11, 1444 H, EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI. 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. News. The documents were obtained as part of a European media investigation coordinated by non-profit newsroom Correctiv. Deutsche Bank issues dire economic warning for America YouTube. The Deutsche Bank spokesman declined to comment on Seriva. All quotes delayed a minimum of 15 minutes. Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report said. 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). Q1. 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. Saint Joseph's University, +1 more. research and events with special focus on electronic trading, banking, and It granted one fund a loan of 942 million euros for the trades; another, 743 million euros. [3], By January 2011, MysteryGuitarMan became the most subscribed channel in Brazil. Penna did not respond to a letter requesting comment sent to his home in London. Our Standards: The Thomson Reuters Trust Principles. Like(s), Event 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. Audits reveal Deutsche Bank's links to tax 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. On how CEO Josef Ackermann's leadership changed the bank in 2002 Planet Money Episode. In February 2017, Penna began production of his directorial debut feature film, Arctic. Reuters received no response to two emails sent to his company. /marketintelligence/en/news-insights/trending/bNfD9yUmwF2-mqAqA1EEoQ2 The bank granted the new client a credit rating, and as part of its prime brokerage arrangement, provided 15- to 20-fold leverage on the funds capital of 32.7 million euros, the report said. Deutsche Bank. 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. 60+ "Joe Penna" profiles | LinkedIn He also chairs the Legal Diversity and Inclusion Council. Over the past 2 years, the bank has invested substantially in building its capabilities in Financial Crime Risk management. During the height of the activity from 2008 to 2011, the bank took on clients that did nothing but such deals. (Charles W. Lamb; Carl McDaniel; Joe F. Hair) Business-To-Business Marketing (Robert P. Vitale; Joseph Giglierano; Waldemar Pfoertsch) Cognitive Psychology (Robert . 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. He served as chairman of the board from 2002 to 2012. [9] Shortly after uploaded, his "Guitar: Impossible" video was featured on the MSN.com front page. 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. Professional. Reuters could not find any remaining parts of Ballance. 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. 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. The industry leader for online information for tax, accounting and finance professionals. Our Standards: The Thomson Reuters Trust Principles. [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. 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. See Photos. 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. Cologne prosecutors are still probing the banks activities related to other investors and declined to comment. They are dated from 2013 to 2015 and marked "highly confidential". Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Within 6 hours, it became the third most subscribed channel in Brazil.[1]. PDF Transcript Fixed Income Call. The tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said. 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. trending and Deutsche Bank Execs Were Aware of Tax Fraud Scheme - Finance Magnates 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. 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. Many of you know him as a great team player across the regions and a true culture carrier. Some Deutsche Bank managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a Under his leadership, the AFC team has demonstrated significant progress in the fight against financial crime. Joe Pehar - Managing Director - Structured Finance - LinkedIn Deutsche Bank was aware of the tax fraud scheme Rating(s), 5 One of the five documents is a summary that was handed to the prosecutors in May 2017. Deutsche Bank 24 years 4 months Managing Director - Structured Finance - Head of West Coast Deutsche Bank . Democratizing Investing: A Revolution in the Making? He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . Will greater investment in water resources make for a more sustainable future? Corporate title. FRANKFURT (Reuters) - 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 seen by Reuters. [20], In March 2016, his short film Turning Point was selected to play at the Tribeca Film Festival.[21]. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. Reuters also contacted his spokeswoman by email, who did not respond. 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 }}.
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