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. 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). On this Wikipedia the language links are at the top of the page across from the article title. Results: 4934. Reuters claims that Pearson and Penna acted as middlemen in these deals. In June 2019, Penna began shooting on the sci-fi movie Stowaway starring Anna Kendrick and Toni Collette.[25]. Ballance also hired several other Deutsche Bank employees to work on the Cum-Ex deals. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. articles a month for anyone to read, even non-subscribers! [11] Shortly after, Penna was selected as one of the top 10 new directors at the 20th Cannes Lions Saatchi & Saatchi New Directors' Showcase. 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. research and events with special focus on electronic trading, banking, and [8] On December 6, 2009, Penna was featured on FM4, an Austrian national radio station. 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. Copyright 2023 "Finance Magnates CY Ltd." All 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. More: The Tax Dodge That Cost the German Treasury Billions of Euros. 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. Joe Pena works at Deutsche Bank, which is a Banking company with an estimated 83,000 employees. Find your friends on Facebook. Engage via Email. 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 (Bloomberg) -- For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. The tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said. Many of you know him as a great team player across the regions and a true culture carrier. The reports highlighted the role of the traders but also pointed to failures of the banks internal controls as well as lapses of managers in the global financial markets division. 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. 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. Still, their new natural language processing system deepened their . Serivas manager, who asked not to be named, said that the company had received no rebates because of the investigation by tax authorities. 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. Some Deutsche Bank managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a And so Deutsche Bank all of a sudden became one of the most aggressive places to work on Wall Street. Authorities grew suspicious and refused to pay Nummus any tax refunds, according to a public filing. Stephan will assume a new responsibility within our bank, which we will announce in due course. 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. [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. Penna maintains the YouTube channel MysteryGuitarMan. 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. 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. Log in or sign up for Facebook to connect with friends, family and people you know. Log In. 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. Strengthening Deutsche Banks control environment is a key priority for the Management Board and for each and every one of us. 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. Deutsche Bank used tools in its Data Lab in Ireland and open source libraries to mine the bank's information for opportunities. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund See here for a complete list of exchanges and delays. Are sustainable cities a solution to climate change? Prior roles include Americas Head of Litigation and Head of Legal for the Non-Core Operations Unit. Under his leadership, the AFC team has demonstrated significant progress in the fight against financial crime. The law firms report, delivered in 2013 and seen by Bloomberg News, describes how Pearson brought on Nummus as a new client. [24] Its theatrical premiere was on February 1, 2019. 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. Others, which were renamed, dont have listed phone numbers. He resides in Los Angeles, California. He will report to me and become a member of my Executive Committee. Contact. [9] Shortly after uploaded, his "Guitar: Impossible" video was featured on the MSN.com front page. Reuters, Saturday, March 04, 2023 | 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. Please join me in thanking Stephan for his work and wishing Joe all the best in his new role. 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. 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. 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. View detailed DB description & address. Penna did not respond to a letter requesting comment sent to his home in London. He is succeeding Stephan Wilken who held this responsibility since October 2018. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The change will be effective as of July 1st to ensure a smooth transition. 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.. Over the past 2 years, the bank has invested substantially in building its capabilities in Financial Crime Risk management. Richard Carson was most directly responsible for this shortcoming as the direct supervisor of the manager of the trading desk, the report said. 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 April 16 report said that the banks controls over the trading desk headed by Pearson were too weak and this was a serious shortcoming. Germany's largest lender has been the subject of numerous regulatory and legal investigations over the past decade. College of the Holy Cross Updated 42 min ago - Mid-career pay: $127,100 - Early career pay: $65,600 . The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. City. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. Subject to regulatory approvals, Salama will succeed Stephan Wilken on July 1, Stefan Simon, Deutsche Bank's Chief Administrative Officer, said in the memo. 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According to a Reuters report published on Friday, the German bank misled authorities into thinking that certain stocks had multiple owners. Our Standards: The Thomson Reuters Trust Principles. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. The audits were prepared by Freshfields in Germany and London. 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. He resides in Los Angeles, California. Reuters received no response to two emails sent to his company. It was shot in Iceland and stars Mads Mikkelsen. 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. 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. [6], According to the Financial Times Deutschland Ackerman earned 9.4million in 2009 and 8.8million in 2010. But the German lender profited from servicing customers that specialized in such transactions, according to people familiar with a German criminal investigation and an internal review seen by Bloomberg. Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. After leaving university Ackermann went to work in 1977 for the Swiss multinational investment bank Credit Suisse, which he left in 1996. 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.". 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 }}. New York, New York. 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. Some Ballance units were dissolved. What does it take to make bold moves in business? 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 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. Read More . 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. See here for a complete list of exchanges and delays. 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 Investments in improving data and technology continue. 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. Our Standards: The Thomson Reuters Trust Principles. 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. Freshfields said in the report that staff at Deutsche and Seriva were aware that no withholding tax had been levied. They are dated from 2013 to 2015 and marked "highly confidential". A person involved in the case gave Reuters the name of a lawyer he said represented Pearson and Penna. The information you requested is not available at this time, please check back again soon. Joe Salama succeeds him as bank's Americas general counsel. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Deutsche Bank ( CEO, 2002-2012) Bank of Cyprus ( Chairman, 2014-2019) 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. Joe will play an important role in this review. He was also a finalist in the "Oreo Global Moments" video competition. (Charles W. Lamb; Carl McDaniel; Joe F. Hair) Business-To-Business Marketing (Robert P. Vitale; Joseph Giglierano; Waldemar Pfoertsch) Cognitive Psychology (Robert . Like(s), Event German tax authorities say that the scheme, which also involved several other global firms including Santander and Macquarie, cost them a total of 5.6 billion ($6.36 billion). One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. [14], In June 2010, Penna was highlighted by CNN Money on their Best Jobs series. After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. The summit runs Nov. 17 - 19 and addresses current global challenges, digitisation and disruption, innovation and shifts in economy. Joe Ravi // Shutterstock #89. In February 2017, Penna began production of his directorial debut feature film, Arctic. Steven Reich is now CEO of Deutsche Bank Trust Co. Americas. Sign Up. The appointment is subject to final regulatory approvals. The company also acted as a custodian and issued tax certificates needed for the deals, they said. 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. Joe Penna Deutsche Bank Alias or nickname Find other people named Joe Pennas General Info at Deutsche Bank Not who you're looking for? 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. "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? Two traders, Simon Pearson and Joe Penna, seem to have been the key figures that triggered the plan initially and dragged along with others. Contacted for this story, spokesmen for both banks said they are cooperating with investigators. Found email list ings include: j***@db.com. Q1. Deutsche Bank Elevates Top Americas Lawyer to Trust Company Role. 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. Numerous probes are ongoing. I would not accept that there was any failings on my part. The report did not implicate him further in the cum-ex scheme. Deutsche Bank AG has a new leader for its U.S. entities in Steven Reich, previously general counsel for the Americas at the German . 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. According to Reuters, senior figures at both Deutsche Bank and Seriva were aware that no withholding tax had been levied. As it attempts to stymie ongoing losses, it has also been caught up in Danske Banks Estonian Money Laundering 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. [19] Xploration Station went on to receive eight Daytime Emmy Award nominations. Copyright 2023 Ministry of Information. 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. Company profile for Deutsche Bank AG including key executives, insider trading, ownership, revenue and average growth rates. 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. The spokesman for Deutsche Bank declined to comment.
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