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Saint Joseph's University, +1 more. 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. Stephan will assume a new responsibility within our bank, which we will announce in due course. Joe Penna Deutsche Bank Alias or nickname Find other people named Joe Pennas General Info at Deutsche Bank Not who you're looking for? [13] A year later, Penna directed and starred in yet another commercial for the two companies. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund In an email to Reuters he said: I have not seen, nor have been provided with any copies of the reports you mention in your communication. According to Deutsche Bank, "Monetary stimulus has been equally breath-taking. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. facebook; twitter; linkedin; pinterest; Laura Scott ankleboot Nero Nuovo PUMPS schnrpumps Scarpe da donna 10cm paragrafo. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. I want to work. Deutsche Bank used tools in its Data Lab in Ireland and open source libraries to mine the bank's information for opportunities. How cloud technology is silently revolutionising our economy. According to Reuters, senior figures at both Deutsche Bank and Seriva were aware that no withholding tax had been levied. According to a Reuters report published on Friday, the German bank misled authorities into thinking that certain stocks had multiple owners. PDF Transcript Fixed Income Call. rights reserved.For more information, read our They allowed multiple investors to claim a refund on a dividend tax that was paid only once, according to German authorities. 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. 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. trending Investments in improving data and technology continue. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. 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. Terms, Cookies Richard Carson was most directly responsible for this shortcoming as the direct supervisor of the manager of the trading desk, the report said. Deutsche issued Seriva with 5.8 million euros of withholding tax certificates, allowing Seriva to make claims for tax rebates. An internal report from Deutsche Bank, written by legal firm Freshfields, indicated that senior management at the German bank was aware of the scheme. Are sustainable cities a solution to climate change? [18], In August 2014, Penna was announced as the host of Xploration Earth 2050, a technology-oriented television series. 2/5/2023 1:06 AM. 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. For example, Deutsche Bank issued a company called Seriva with 5.8 million euros of tax certificates, allowing the firm to make claims for tax rebates. Money Laundering It has not been a good couple of months for Deutsche Bank. City. 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. 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. 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. He registered the channel on June 16, 2006. And so Deutsche Bank all of a sudden became one of the most aggressive places to work on Wall Street. 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. Best Buy announced Penna as the $15,000 winner of their Tech-U-Out Video Challenge. In 2009, Penna directed an ad in collaboration with Rhett and Link titled T-Shirt War. (Charles W. Lamb; Carl McDaniel; Joe F. Hair) Business-To-Business Marketing (Robert P. Vitale; Joseph Giglierano; Waldemar Pfoertsch) Cognitive Psychology (Robert . Our Standards: The Thomson Reuters Trust Principles. To contact the reporters on this story: Karin Matussek in Berlin at [email protected];Donal Griffin in London at [email protected], To contact the editors responsible for this story: Anthony Aarons at [email protected], ;Sree Vidya Bhaktavatsalam at [email protected], Christopher Elser, Chris Reiter, {{data.symbol | reutersRICLabelFormat:group.RICS}}, {{ stock | formatPrefix }}{{ stock.netChng | formatNetChange }}. 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. New York, New York. A German lawyer for Pearson declined to comment. Global Head of Litigation and Regulatory Enforcement. The audits were prepared by Freshfields in Germany and London. 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. [15], His stop-motion short film Guitar: Impossible was selected to be displayed at the Guggenheim museum. 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]. Philadelphia, PA. GRAYBAR, +3 more. 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. It was reported in December 2018 that Deutsche had agreed to pay 4 million to settle an investigation by Frankfurt prosecutors into its involvement in the so-called cum-ex trades. Reuters, Saturday, March 04, 2023 | He registered the channel on June 16, 2006. Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report said. 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. The summit runs Nov. 17 - 19 and addresses current global challenges, digitisation and disruption, innovation and shifts in economy. Rating(s), 5 After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. 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. [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. 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. Deutsche Bank acted as the prime broker for several Cum-Ex investors that were Ballance clients, according to the probes findings. In the same year he joined the board of directors of the Deutsche Bank in Frankfurt am Main. Email. 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. Read More . 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. At the core of the new division is the Global Transaction Banking (GTB) business which is an established market leader in Europe, with on the ground presence in 60 countries, The Investment Bank focuses on its traditional strengths in financing, advisory, fixed income and currencies. 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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.". PDF Presentation Fixed Income Call. A Corporate Bank as hub for corporate and commercial clients. Our Standards: The Thomson Reuters Trust Principles. The German bank is embroiled in a probe into the cum-ex trades, a dividend-stripping technique used to avoid paying taxes. 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. 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. AFC remains to be critically important. He was a non-executive director of Vodafone from 2000 to 2002. The audits were prepared by Freshfields in Germany and London. Cash, card, crypto: how the way you pay will affect your life, My way, your way different paths to success. Reuters could not find any remaining parts of Ballance. 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. Oct. 29, 2020, 11:20 AM. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . On this Wikipedia the language links are at the top of the page across from the article title. 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. View detailed DB description & address. The documents were obtained as part of a European media investigation coordinated by non-profit newsroom Correctiv. Democratizing Investing: A Revolution in the Making? 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. (Bloomberg) -- For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. It was shot in Iceland and stars Mads Mikkelsen. Group Tax confirmed in March 2009 the provision of leverage for cum-ex trades through Deutsche Bank.. In June 2019, Penna began shooting on the sci-fi movie Stowaway starring Anna Kendrick and Toni Collette.[25]. Freshfields said in the report that staff at Deutsche and Seriva were aware that no withholding tax had been levied. For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. [10] Penna's "Guitar: Impossible" video was also featured by YouTube as one of the best videos of 2009. , Bloomberg. 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. Among key figures. 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. 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 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. He resides in Los Angeles, California. 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. On Monday, Frankfurt prosecutors raided residential and business locations in an investigation unrelated to Deutsche Bank. 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. One of the five documents is a summary that was handed to the prosecutors in May 2017. Pearson and Penna have been suspects in the investigation since at least 2014 for their role in cum-ex trading, according to court documents. I would not accept that there was any failings on my part. The report did not implicate him further in the cum-ex scheme. [24] Its theatrical premiere was on February 1, 2019. See here for a complete list of exchanges and delays. Penna maintains the YouTube channel MysteryGuitarMan. investing. Finance Magnates is a global B2B provider of multi-asset trading news, 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. Prior roles include Americas Head of Litigation and Head of Legal for the Non-Core Operations Unit. [22][23] Arctic garnered enthusiastic reviews as an Official Selection for the 2018 Cannes Film Festival. They are dated from 2013 to 2015 and marked "highly confidential". Deutsche Bank will no longer do business with President Donald Trump, a move that will cut off his business from a major source of loans that once helped fund his golf courses and hotels. Like(s), Event What is your availability? As a result the AFC team has grown to over 1,600 people. That compares. See here for a complete list of exchanges and delays. Over the past 2 years, the bank has invested substantially in building its capabilities in Financial Crime Risk management. 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. View Joe Pehar's profile on LinkedIn, the world's largest professional community. Deutsche also provided funding and acquired shares to help a company called Ballance carry out cum-ex deals multiple times between 2009 and 2011, the Freshfields documents say. They are dated from 2013 to 2015 and marked highly confidential. 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. Contact Head Office U.S.A. Deutsche Bank One Columbus Circle New York, NY, 10019 Telephone: +1(212) 250-2500 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. The spokesman for Deutsche Bank declined to comment. Some Deutsche Bank AG managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a "cum-ex" share trading scheme, Reuters reported Jan. 4, citing an audit by Freshfields. [8] On December 6, 2009, Penna was featured on FM4, an Austrian national radio station. Banks or Fintechs Who will be shaping the future of the financial industry? 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 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. Joe Pena's Phone Number and Email Last Update. [14], In June 2010, Penna was highlighted by CNN Money on their Best Jobs series. Carson has since left Deutsche Bank. 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. Climate emergency: can green tech save us? Barclays Capital, and Deutsche Bank. He also chairs the Legal Diversity and Inclusion Council. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. Joe Ravi // Shutterstock Show More Show Less. In February 2017, Penna began production of his directorial debut feature film, Arctic. The company traded only with Deutsche Bank and other Ballance Group companies, according to a Ballance report for the year ended October 2010. 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. 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. 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. Deutsche Bank. 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 Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Strengthening Deutsche Banks control environment is a key priority for the Management Board and for each and every one of us. [5], On September 11, 2005,[6] Penna launched a second YouTube channel, where he uploads his making-of videos and vlogs. Privacy Notice Copyright 2023 "Finance Magnates CY Ltd." All Pearson did not respond to multiple emails sent to him at his new company in Gibraltar. Other global banks, including Santander and Macquarie, are also under investigation for their roles in cum-ex trading schemes. What does it take to make bold moves in business? Joe Ravi // Shutterstock #89. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Steven Reich is now CEO of Deutsche Bank Trust Co. Americas.