Richard Carson was most directly responsible for this shortcoming as the direct supervisor of the manager of the trading desk, the report said. Engage via Email. Over the past 2 years, the bank has invested substantially in building its capabilities in Financial Crime Risk management. 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 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. A person involved in the case gave Reuters the name of a lawyer he said represented Pearson and Penna. 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. 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 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. [14], In June 2010, Penna was highlighted by CNN Money on their Best Jobs series. 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. 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. All quotes delayed a minimum of 15 minutes. [22][23] Arctic garnered enthusiastic reviews as an Official Selection for the 2018 Cannes Film Festival. Email. Reuters received no response to two emails sent to his company. Strengthening Deutsche Banks control environment is a key priority for the Management Board and for each and every one of us. Within 6 hours, it became the third most subscribed channel in Brazil.[1]. 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. Joe Penna. 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. He registered the channel on June 16, 2006. Market Intelligence Will greater investment in water resources make for a more sustainable future? The audits were prepared by Freshfields in Germany and London. This email has been sent to all employees in Chief Administrative Office today. (Charles W. Lamb; Carl McDaniel; Joe F. Hair) Business-To-Business Marketing (Robert P. Vitale; Joseph Giglierano; Waldemar Pfoertsch) Cognitive Psychology (Robert . 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. I also want to thank Stephan for his great contributions. One of the five documents is a summary that was handed to the prosecutors in May 2017. It garnered international attention. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . He is a member of the Steering Committee of the Bilderberg Group. Two traders, Simon Pearson and Joe Penna, seem to have been the key figures that triggered the plan initially and dragged along with others. 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 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. trending Reuters could not find any remaining parts of Ballance. The German bank is embroiled in a probe into the cum-ex trades, a dividend-stripping technique used to avoid paying taxes. In the same year he joined the board of directors of the Deutsche Bank in Frankfurt am Main. 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. Finance Magnates is a global B2B provider of multi-asset trading news, Barclays Capital, and Deutsche Bank. Joe is currently based in Florida. [13] A year later, Penna directed and starred in yet another commercial for the two companies. Cash, card, crypto: how the way you pay will affect your life, My way, your way different paths to success. AFC remains to be critically important. YouTube. 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). Reuters, Saturday, March 04, 2023 | We will continue our 60 day strategic review in the new CAO area. The audits were prepared by Freshfields in Germany and London. Among key figures. One of the five documents is a summary that was handed to the prosecutors in May 2017. Barclays Capital, and Deutsche Bank. S ince upping sticks from Dublin in 2012, the former Celebrity Big Brother star has been jet-setting around the world with her. 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. Contact Head Office U.S.A. Deutsche Bank One Columbus Circle New York, NY, 10019 Telephone: +1(212) 250-2500 Climate emergency: can green tech save us? 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. New York, New York. [10], Media related to Josef Ackermann at Wikimedia Commons. [7] His included bonus in 2009 was 8.2million and 7.1million in 2010. 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. Find your friends on Facebook. They are dated from 2013 to 2015 and marked "highly confidential". 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 finance giant had Cum-Ex clients that were loaned as much as 1 billion euros ($1.13 billion). Copyright 2023 "Finance Magnates CY Ltd." All As a result the AFC team has grown to over 1,600 people. Penna maintains the YouTube channel MysteryGuitarMan. 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. 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. 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. Stephan will assume a new responsibility within our bank, which we will announce in due course. rights reserved.For more information, read our Joe Ravi // Shutterstock #89. 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. It has not been a good couple of months for Deutsche Bank. Authorities grew suspicious and refused to pay Nummus any tax refunds, according to a public filing. Deutsche Bank Elevates Top Americas Lawyer to Trust Company Role. News. 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. Deutsche Bank acted as the prime broker for several Cum-Ex investors that were Ballance clients, according to the probes findings. That criticism about oversight is leveled at management generally but it does briefly single out one individual. The information you requested is not available at this time, please check back again soon. And so Deutsche Bank all of a sudden became one of the most aggressive places to work on Wall Street. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. I am convinced that together we will be able to achieve our objectives. He registered the channel on June 16, 2006. Deutsche Bank used tools in its Data Lab in Ireland and open source libraries to mine the bank's information for opportunities. 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. In 2009, Penna directed an ad in collaboration with Rhett and Link titled T-Shirt War. [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. 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. 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. 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 tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said. Deutsche made at least 18 million. Ford selected Penna as a Fiesta Agent for the 2009 Ford Fiesta Movement. 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. An internal report from Deutsche Bank, written by legal firm Freshfields, indicated that senior management at the German bank was aware of the scheme. The bulk of the trading involved that facilitated the scheme took place between 2006 and 2011. 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. [10] Penna's "Guitar: Impossible" video was also featured by YouTube as one of the best videos of 2009. 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. 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. Terms, Cookies [5] At the annual shareholder meeting in late May 2012, he "handed over the CEO baton" to co-CEOs Anshu Jain and Juergen Fitschen. What does it take to make bold moves in business? 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. Cologne prosecutors are still probing the banks activities related to other investors and declined to comment. Our Standards: The Thomson Reuters Trust Principles. The company also acted as a custodian and issued tax certificates needed for the deals, they said. Deutsche Bank said that it never "participated in an organized Cum-Ex market, neither as a short seller nor as a Cum-Ex buyer." Many of you know him as a great team player across the regions and a true culture carrier. 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. Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. 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. 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. Are sustainable cities a solution to climate change? 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. They worked with companies wanting to invest in the scheme as well as the divisions at Deutsche Bank that were responsible for loaning cash. Sha'ban 11, 1444 H, EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI. 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. 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. [19] Xploration Station went on to receive eight Daytime Emmy Award nominations. 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. Penna did not respond to a letter requesting comment sent to his home in London. 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. Numerous probes are ongoing. On this Wikipedia the language links are at the top of the page across from the article title. He is succeeding Stephan Wilken who held this responsibility since October 2018. (Bloomberg) -- For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. How cloud technology is silently revolutionising our economy. A German lawyer for Pearson declined to comment. He was also a finalist in the "Oreo Global Moments" video competition. 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. Our Standards: The Thomson Reuters Trust Principles. 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. Joe will be based in Frankfurt and in New York to ensure close collaboration with all our regulators. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". or. 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. Investments in improving data and technology continue. 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. College of the Holy Cross Updated 42 min ago - Mid-career pay: $127,100 - Early career pay: $65,600 . Joe Penna Deutsche Bank Alias or nickname Find other people named Joe Pennas General Info at Deutsche Bank Not who you're looking for? He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty. After leaving university Ackermann went to work in 1977 for the Swiss multinational investment bank Credit Suisse, which he left in 1996. 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 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. 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. The change will be effective as of July 1st to ensure a smooth transition. 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]. 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. Ballance also hired several other Deutsche Bank employees to work on the Cum-Ex deals. On how CEO Josef Ackermann's leadership changed the bank in 2002 Planet Money Episode. Prior roles include Americas Head of Litigation and Head of Legal for the Non-Core Operations Unit. Joe Salama succeeds him as bank's Americas general counsel. View detailed DB description & address. The documents were obtained as part of a European media investigation coordinated by non-profit newsroom Correctiv. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. On this Wikipedia the language links are at the top of the page across from the article title. People named Joe Penna. That compares. 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. Money Laundering 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. Deutsche issued Seriva with 5.8 million euros of withholding tax certificates, allowing Seriva to make claims for tax rebates. 18 of 152 19 of 152 #89. Freshfields said in the report that staff at Deutsche and Seriva were aware that no withholding tax had been levied. Reuters contacted the lawyer who would not confirm that he represented either, citing client confidentiality. Joe Pena works at Deutsche Bank, which is a Banking company with an estimated 83,000 employees. 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.". 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. 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. Jan 2017 - Jun 20214 years 6 months. A Corporate Bank as hub for corporate and commercial clients. In numerical terms, the Fed's balance sheet has almost doubled during the pandemic to nearly $8tn. Philadelphia, PA. GRAYBAR, +3 more. Senior Sales Representative Comm/Data at Graybar. 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. All quotes delayed a minimum of 15 minutes. j***@db.com. We will update you on our priorities and respective changes in the organization by mid of June. Read More . They allowed multiple investors to claim a refund on a dividend tax that was paid only once, according to German authorities. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Some Deutsche Bank managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a 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 resides in Los Angeles, California. The Deutsche Bank spokesman declined to comment. In February 2017, Penna began production of his directorial debut feature film, Arctic. Joe Pena's Phone Number and Email Last Update. Reuters also contacted Josef Schucker, a person named in the Freshfields audit as the sole investor in Seriva. 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. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . 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. 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. 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