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. They worked with companies wanting to invest in the scheme as well as the divisions at Deutsche Bank that were responsible for loaning cash. 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 }}. He is a member of the Steering Committee of the Bilderberg Group. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. We will continue our 60 day strategic review in the new CAO area. Privacy Notice According to a Reuters report published on Friday, the German bank misled authorities into thinking that certain stocks had multiple owners. 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 company also acted as a custodian and issued tax certificates needed for the deals, they said. 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. All quotes delayed a minimum of 15 minutes. The audits were prepared by Freshfields in Germany and London. [24] Its theatrical premiere was on February 1, 2019. Prior roles include Americas Head of Litigation and Head of Legal for the Non-Core Operations Unit. He served as chairman of the board from 2002 to 2012. 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. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. We will update you on our priorities and respective changes in the organization by mid of June. , Bloomberg. He resides in Los Angeles, California. It was shot in Iceland and stars Mads Mikkelsen. 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. Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. 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. Reuters, Saturday, March 04, 2023 | That compares. 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. Q1. One of the five documents is a summary that was handed to the prosecutors in May 2017. [14], In June 2010, Penna was highlighted by CNN Money on their Best Jobs series. Contact. 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.. Among key figures. 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. Still, their new natural language processing system deepened their . investing. AFC remains to be critically important. Democratizing Investing: A Revolution in the Making? Ford selected Penna as a Fiesta Agent for the 2009 Ford Fiesta Movement. According to Deutsche Bank, "Monetary stimulus has been equally breath-taking. Find your friends on Facebook. 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. How cloud technology is silently revolutionising our economy. Contacted for this story, spokesmen for both banks said they are cooperating with investigators. The change will be effective as of July 1st to ensure a smooth transition. or. After studying economics and social Sciences at the University of St. Gallen in Switzerland,[3] he continued his time there as a research assistant at the Department of Economics and went on to receive a doctorate in the subject. The Deutsche Bank spokesman declined to comment on Seriva. 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. Some Deutsche Bank managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a Prior roles include Americas Head of Litigation and Head of Legal for the Non-Core Operations Unit. See Photos. In June 2019, Penna began shooting on the sci-fi movie Stowaway starring Anna Kendrick and Toni Collette.[25]. 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. 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. On this Wikipedia the language links are at the top of the page across from the article title. Deutsche Bank Elevates Top Americas Lawyer to Trust Company Role. Deutsche Bank AG has a new leader for its U.S. entities in Steven Reich, previously general counsel for the Americas at the German . As it attempts to stymie ongoing losses, it has also been caught up in Danske Banks Estonian Money Laundering [5], On September 11, 2005,[6] Penna launched a second YouTube channel, where he uploads his making-of videos and vlogs. 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. (Charles W. Lamb; Carl McDaniel; Joe F. Hair) Business-To-Business Marketing (Robert P. Vitale; Joseph Giglierano; Waldemar Pfoertsch) Cognitive Psychology (Robert . Copyright 2023 Ministry of Information. The Deutsche Bank spokesman declined to comment. The industry leader for online information for tax, accounting and finance professionals. Reuters could not find any remaining parts of Ballance. 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.". 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. And so Deutsche Bank all of a sudden became one of the most aggressive places to work on Wall Street. They are dated from 2013 to 2015 and marked highly confidential. 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. 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. 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. Joe Pena's Phone Number and Email Last Update. 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. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. In numerical terms, the Fed's balance sheet has almost doubled during the pandemic to nearly $8tn. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty. rights reserved.For more information, read our Will Covid-19 be an opportunity or threat to sustainable development? 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). Some Ballance units were dissolved. Freshfields said in the report that staff at Deutsche and Seriva were aware that no withholding tax had been levied. [13] A year later, Penna directed and starred in yet another commercial for the two companies. A spokesman for Freshfields declined to answer any questions for this story. See here for a complete list of exchanges and delays. Two traders, Simon Pearson and Joe Penna, seem to have been the key figures that triggered the plan initially and dragged along with others. [7] His included bonus in 2009 was 8.2million and 7.1million in 2010. /marketintelligence/en/news-insights/trending/bNfD9yUmwF2-mqAqA1EEoQ2 AI in banking and business what can it do and who stands to gain? 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. Search Reset. 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. He is succeeding Stephan Wilken who held this responsibility since October 2018. 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. Attempts to reach Penna were unsuccessful. Corporate title. 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Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Joe Penna Deutsche Bank Alias or nickname Find other people named Joe Pennas General Info at Deutsche Bank Not who you're looking for? Pearson and Penna have been suspects in the investigation since at least 2014 for their role in cum-ex trading, according to court documents. 18 of 152 19 of 152 #89. I want to work. 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. 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. Professional. How can companies and decision-makers reset for growth beyond corona virus. 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. In February 2017, Penna began production of his directorial debut feature film, Arctic. See here for a complete list of exchanges and delays. Joe Pena works at Deutsche Bank, which is a Banking company with an estimated 83,000 employees. Copy of Case 1 Did Info Systems Cause Deutsche Bank to Stumble; ECON 208 - Final Study Guide; Solomon Consumer Behaviour Chap 1 test bank; Sample/practice exam 2016, questions . During the height of the activity from 2008 to 2011, the bank took on clients that did nothing but such deals. See here for a complete list of exchanges and delays. 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. 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. College of the Holy Cross Updated 42 min ago - Mid-career pay: $127,100 - Early career pay: $65,600 . Joe Penna. Reuters contacted the lawyer who would not confirm that he represented either, citing client confidentiality. They allowed multiple investors to claim a refund on a dividend tax that was paid only once, according to German authorities. Deutsche made at least 18 million. View Joe Pehar's profile on LinkedIn, the world's largest professional community. Finance Magnates is a global B2B provider of multi-asset trading news, 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. The finance giant had Cum-Ex clients that were loaned as much as 1 billion euros ($1.13 billion). Germany . Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. He also chairs the Legal Diversity and Inclusion Council. May 20, 2021 at 03:29 PM. One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. Joe Ravi // Shutterstock #89. People named Joe Penna. 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. Barclays Capital, and Deutsche Bank. Barclays Capital, and Deutsche Bank. Will greater investment in water resources make for a more sustainable future? Last year, Deutsche Bank settled a probe by Frankfurt prosecutors into the Nummus work for 4 million euros. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . Climate emergency: can green tech save us? Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report 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 Joe is currently based in Florida. Jan 2017 - Jun 20214 years 6 months. Under his leadership, the AFC team has demonstrated significant progress in the fight against financial crime. and [11] Shortly after, Penna was selected as one of the top 10 new directors at the 20th Cannes Lions Saatchi & Saatchi New Directors' Showcase. [3], By January 2011, MysteryGuitarMan became the most subscribed channel in Brazil. Our Standards: The Thomson Reuters Trust Principles. Best Buy announced Penna as the $15,000 winner of their Tech-U-Out Video Challenge. "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? Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Reuters claims that Pearson and Penna acted as middlemen in these deals. Deutsche Bank 24 years 4 months Managing Director - Structured Finance - Head of West Coast Deutsche Bank . Joe Salama will split his time between Frankfurt and the U.S., as the bank tries to keep a close relationship with U.S. authorities Germany's Deutsche Bank has run into problems with. Pearson and Penna left Deutsche Bank in 2009 to join Ballance Group, an asset management company that advised funds and other market participants who engaged in Cum-Ex transactions. 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. It granted one fund a loan of 942 million euros for the trades; another, 743 million euros. Joe Ravi // Shutterstock Show More Show Less. 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. [19] Xploration Station went on to receive eight Daytime Emmy Award nominations. 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. The summit runs Nov. 17 - 19 and addresses current global challenges, digitisation and disruption, innovation and shifts in economy. New York, New York. A Corporate Bank as hub for corporate and commercial clients. 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. After leaving university Ackermann went to work in 1977 for the Swiss multinational investment bank Credit Suisse, which he left in 1996. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Log in or sign up for Facebook to connect with friends, family and people you know. Engage via Email. 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. 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 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. Saint Joseph's University, +1 more. An internal report from Deutsche Bank, written by legal firm Freshfields, indicated that senior management at the German bank was aware of the scheme. This email has been sent to all employees in Chief Administrative Office today. It has not been a good couple of months for Deutsche Bank. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. j***@db.com. December 20, 2022. 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. Money Laundering Penna maintains the YouTube channel MysteryGuitarMan. [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. A 2012 reform of the tax code stopped the practice, and the current debate centers on whether the trades were legal before that. 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. What does it take to make bold moves in business? 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. [4], Ackermann agreed at the end of 2009 to continue as chief executive of Deutsche Bank for another three years until 2013. 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. 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. [8] On December 6, 2009, Penna was featured on FM4, an Austrian national radio station. As a result the AFC team has grown to over 1,600 people. [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 used tools in its Data Lab in Ireland and open source libraries to mine the bank's information for opportunities. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. White House: Unacceptable for states to target access to federally approved abortion pills, LabMD loses lawsuit accusing FTC of conspiring in hacking, Reporting by Matt Scuffham 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. 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. Results: 4934. [22][23] Arctic garnered enthusiastic reviews as an Official Selection for the 2018 Cannes Film Festival. He registered the channel on June 16, 2006. . 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. That criticism about oversight is leveled at management generally but it does briefly single out one individual. Other global banks, including Santander and Macquarie, are also under investigation for their roles in cum-ex trading schemes. Within 6 hours, it became the third most subscribed channel in Brazil.[1]. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Richard Carson was most directly responsible for this shortcoming as the direct supervisor of the manager of the trading desk, the report said. One of the five documents is a summary that was handed to the prosecutors in May 2017. The spokesman for Deutsche Bank declined to comment. The tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said.
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