Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Saint Joseph's University, +1 more. See here for a complete list of exchanges and delays. Deutsche Bank said that it never "participated in an organized Cum-Ex market, neither as a short seller nor as a Cum-Ex buyer." The information you requested is not available at this time, please check back again soon. 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. 2/5/2023 1:06 AM. Deutsche Bank AG has a new leader for its U.S. entities in Steven Reich, previously general counsel for the Americas at the German . [4] As of January2019[update], his channel has garnered over 2.6 million subscribers, and his videos have accrued nearly 400 million views. We will update you on our priorities and respective changes in the organization by mid of June. 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. The audits were prepared by Freshfields in Germany and London. Ballance controlled several entities which have been disbanded or renamed, according to filings with the Britains financial regulator, the Financial Services Authority, seen by Reuters. , Bloomberg. They worked with companies wanting to invest in the scheme as well as the divisions at Deutsche Bank that were responsible for loaning cash. 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. 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. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . 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 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. A Corporate Bank as hub for corporate and commercial clients. The spokesman for Deutsche Bank declined to comment. 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. He will report to Simon and split his time between New York and Frankfurt. 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. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. Deutsche Bank 24 years 4 months Managing Director - Structured Finance - Head of West Coast Deutsche Bank . 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. Joe will play an important role in this review. Finance Magnates is a global B2B provider of multi-asset trading news, Germany's largest lender has been the subject of numerous regulatory and legal investigations over the past decade. AI in banking and business what can it do and who stands to gain? Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund He resides in Los Angeles, California. View Joe Pehar's profile on LinkedIn, the world's largest professional community. Find your friends on Facebook. Ballance also hired several other Deutsche Bank employees to work on the Cum-Ex deals. 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. Deutsche Bank acted as the prime broker for several Cum-Ex investors that were Ballance clients, according to the probes findings. On this Wikipedia the language links are at the top of the page across from the article title. Numerous probes are ongoing. PDF Transcript Fixed Income Call. After leaving university Ackermann went to work in 1977 for the Swiss multinational investment bank Credit Suisse, which he left in 1996. 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. Under his leadership, the AFC team has demonstrated significant progress in the fight against financial crime. [10] Penna's "Guitar: Impossible" video was also featured by YouTube as one of the best videos of 2009. Sign Up. 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. 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. 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. All quotes delayed a minimum of 15 minutes. What is your availability? 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. For other people named Josef Ackermann, see, Video eferencing studying in Switzerland, while accepting an award for Deutsche Bank in 2011, St. Gallen Foundation for International Studies, "Was Ackermanns Ex-Medienchef ber den Topbanker weiss", "Deutsche Bank and Trump: $2 Billion in Loans and a Wary Board", Ackermann to stay as Deutsche Bank CEO until 2013, "Deutsche Bank details duties of co-CEOs", "Siemens Appoints Board Replacement for Ackermann", "Bank of Cyprus Funded and Controlled by Ex-KGB, Billionaires and Controversial Former Financiers", "Former Chairman and CEO of Deutsche Bank Joins Macro Hive's Board", https://en.wikipedia.org/w/index.php?title=Josef_Ackermann&oldid=1121086632, Members of the Steering Committee of the Bilderberg Group, Pages using infobox person with multiple employers, Creative Commons Attribution-ShareAlike License 3.0, President of the Board of Trustees of the, Chairman of the Board of Directors of the, Bilderberg Meetings attendee 2010, 2011, 2012, 2013, 2014, This page was last edited on 10 November 2022, at 12:23. 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. Authorities grew suspicious and refused to pay Nummus any tax refunds, according to a public filing. 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. News. Engage via Email. [18], In August 2014, Penna was announced as the host of Xploration Earth 2050, a technology-oriented television series. 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 resides in Los Angeles, California. Cash, card, crypto: how the way you pay will affect your life, My way, your way different paths to success. 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. 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. [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. Stephan will assume a new responsibility within our bank, which we will announce in due course. 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 law firms report, delivered in 2013 and seen by Bloomberg News, describes how Pearson brought on Nummus as a new client. 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 . 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 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. According to Deutsche Bank, "Monetary stimulus has been equally breath-taking. Contacted for this story, spokesmen for both banks said they are cooperating with investigators. Jan 2017 - Jun 20214 years 6 months. 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 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. The tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said. 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. 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. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. New York, New York. 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. Richard Carson was most directly responsible for this shortcoming as the direct supervisor of the manager of the trading desk, the report said. Steven Reich is now CEO of Deutsche Bank Trust Co. Americas. A person involved in the case gave Reuters the name of a lawyer he said represented Pearson and Penna. How cloud technology is silently revolutionising our economy. Contact. 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. [15], His stop-motion short film Guitar: Impossible was selected to be displayed at the Guggenheim museum. [20], In March 2016, his short film Turning Point was selected to play at the Tribeca Film Festival.[21]. 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. /marketintelligence/en/news-insights/trending/bNfD9yUmwF2-mqAqA1EEoQ2 They are dated from 2013 to 2015 and marked "highly confidential". Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Joe is currently based in Florida. He is succeeding Stephan Wilken who held this responsibility since October 2018. [8] On December 6, 2009, Penna was featured on FM4, an Austrian national radio station. Oct. 29, 2020, 11:20 AM. 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. Joe Ravi // Shutterstock #89. Found email list ings include: j***@db.com. 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[13] A year later, Penna directed and starred in yet another commercial for the two companies. 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. 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. One of the five documents is a summary that was handed to the prosecutors in May 2017. Senior Sales Representative Comm/Data at Graybar. They are dated from 2013 to 2015 and marked highly confidential. 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. [5], On September 11, 2005,[6] Penna launched a second YouTube channel, where he uploads his making-of videos and vlogs. Photographer: Krisztian Bocsi/Bloomberg After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. 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. City. Deutsche Bank is just one of many firms tied to the scandal, and the company maintains it didnt act as a buyer or seller in the Cum-Ex deals. 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 }}. In February 2017, Penna began production of his directorial debut feature film, Arctic. I also want to thank Stephan for his great contributions. Joe Penna. On this Wikipedia the language links are at the top of the page across from the article title. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. 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. 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. Reuters contacted the lawyer who would not confirm that he represented either, citing client confidentiality. All quotes delayed a minimum of 15 minutes. One of the five documents is a summary that was handed to the prosecutors in May 2017. 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. Deutsche made at least 18 million. Some of the companys units organized shares used by short sellers, cooperating with staff remaining at Deutsche Bank who are also being investigated, according to the people. More: The Tax Dodge That Cost the German Treasury Billions of Euros. (Charles W. Lamb; Carl McDaniel; Joe F. Hair) Business-To-Business Marketing (Robert P. Vitale; Joseph Giglierano; Waldemar Pfoertsch) Cognitive Psychology (Robert . 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. [19] Xploration Station went on to receive eight Daytime Emmy Award nominations. It has not been a good couple of months for Deutsche Bank. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty. On how CEO Josef Ackermann's leadership changed the bank in 2002 Planet Money Episode. In numerical terms, the Fed's balance sheet has almost doubled during the pandemic to nearly $8tn. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 - Percent high meaning: 48% . Read More . 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. Joe Pena's Phone Number and Email Last Update. Priti and Shilpa found work-family balance when they resumed their careers. Will greater investment in water resources make for a more sustainable future? 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. 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. 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. Read this Term scandal. He registered the channel on June 16, 2006. 18 of 152 19 of 152 #89. 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. 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. 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. rights reserved.For more information, read our According to Reuters, senior figures at both Deutsche Bank and Seriva were aware that no withholding tax had been levied. Deutsche Bank Elevates Top Americas Lawyer to Trust Company Role. Pearson and Penna have been suspects in the investigation since at least 2014 for their role in cum-ex trading, according to court documents. Husband of model Salpa embroiled in German share-trading scandal 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 Barry J Whyte June 23, 2019 Irish model Georgia Salpa with her husband Joe Penna Picture: Xposure Best Buy announced Penna as the $15,000 winner of their Tech-U-Out Video Challenge. or. Some Ballance units were dissolved. Joe Ravi // Shutterstock #89. Joe Pena works at Deutsche Bank, which is a Banking company with an estimated 83,000 employees. May 20, 2021 at 03:29 PM. [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. Germany . The Deutsche Bank spokesman declined to comment on Seriva. [24] Its theatrical premiere was on February 1, 2019. 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. Penna did not respond to a letter requesting comment sent to his home in London. Sha'ban 11, 1444 H, EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI. Joe Salama succeeds him as bank's Americas general counsel. 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. 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.
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