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. 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. Search Roles - Deutsche Bank Careers Contact - Deutsche Bank He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . 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. Joe Penna - Wikipedia He is a member of the Steering Committee of the Bilderberg Group. 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. News. [4], Ackermann agreed at the end of 2009 to continue as chief executive of Deutsche Bank for another three years until 2013. Rating(s), 5 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. The tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said. Contact - Deutsche Bank 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. Oct. 29, 2020, 11:20 AM. 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. 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. In numerical terms, the Fed's balance sheet has almost doubled during the pandemic to nearly $8tn. Husband of model Salpa embroiled in German share-trading scandal Joe Penna, Deutsche Bank | Spoke In February 2017, Penna began production of his directorial debut feature film, Arctic. 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. Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report said. Many of you know him as a great team player across the regions and a true culture carrier. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund Engage via Email. Email. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. 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. PDF Presentation Fixed Income Call. Global Head of Litigation and Regulatory Enforcement. trending 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. Deutsche Bank appoints U.S. general counsel to head anti - Nasdaq Serivas manager, who asked not to be named, said that the company had received no rebates because of the investigation by tax authorities. 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. 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 }}. I also want to thank Stephan for his great contributions. Joe will play an important role in this review. Deutsche Bank appoints U.S. general counsel to head anti-financial 18 of 152 19 of 152 #89. After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. News. The Digital Side Of Deutsche Bank That You Have Not Heard About - Forbes [5] At the annual shareholder meeting in late May 2012, he "handed over the CEO baton" to co-CEOs Anshu Jain and Juergen Fitschen. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. It garnered international attention. 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. College of the Holy Cross Updated 42 min ago - Mid-career pay: $127,100 - Early career pay: $65,600 . Deutsche Bank Execs Were Aware of Tax Fraud Scheme - Finance Magnates 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. /marketintelligence/en/news-insights/trending/bNfD9yUmwF2-mqAqA1EEoQ2 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. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund 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 Joe Pena Email & Phone Number - Deutsche Bank | ZoomInfo Over the past 2 years, the bank has invested substantially in building its capabilities in Financial Crime Risk management. An internal report from Deutsche Bank, written by legal firm Freshfields, indicated that senior management at the German bank was aware of the scheme. 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. Dealmaking helps Deutsche Bank land biggest profit in a decade Banks or Fintechs Who will be shaping the future of the financial industry? Deutsche Bank 24 years 4 months Managing Director - Structured Finance - Head of West Coast Deutsche Bank . Contact. Barclays Capital, and Deutsche Bank. Under his leadership, the AFC team has demonstrated significant progress in the fight against financial crime. 150 years - Home - Deutsche Bank He also chairs the Legal Diversity and Inclusion Council. 100 colleges whose grads go on to earn the most Carson has since left Deutsche Bank. j***@db.com. 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. Copyright 2023 "Finance Magnates CY Ltd." All 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. 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. 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. 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. Deutsche Bank Elevates Top Americas Lawyer to Trust Company Role 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. [20], In March 2016, his short film Turning Point was selected to play at the Tribeca Film Festival.[21]. [24] Its theatrical premiere was on February 1, 2019. 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. 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. After leaving university Ackermann went to work in 1977 for the Swiss multinational investment bank Credit Suisse, which he left in 1996. 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. Fund manager sues son and brother of U.S. Senator Biden How can companies and decision-makers reset for growth beyond corona virus. 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. 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). Joe Salama succeeds him as bank's Americas general counsel. The Deutsche Bank spokesman declined to comment. 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. As it attempts to stymie ongoing losses, it has also been caught up in Danske Banks Estonian Money Laundering Saint Joseph's University, +1 more. Contacted for this story, spokesmen for both banks said they are cooperating with investigators. Terms, Cookies [11] Shortly after, Penna was selected as one of the top 10 new directors at the 20th Cannes Lions Saatchi & Saatchi New Directors' Showcase. 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. 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. facebook; twitter; linkedin; pinterest; Laura Scott ankleboot Nero Nuovo PUMPS schnrpumps Scarpe da donna 10cm paragrafo. A spokesman for Freshfields declined to answer any questions for this story. Authorities grew suspicious and refused to pay Nummus any tax refunds, according to a public filing. 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 . 60+ "Joe Penna" profiles | LinkedIn 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. Subject to regulatory approvals, Salama will succeed Stephan Wilken on July 1, Stefan Simon, Deutsche Bank's Chief Administrative Officer, said in the memo. He registered the channel on June 16, 2006. Found email list ings include: j***@db.com. AFC remains to be critically important. On how CEO Josef Ackermann's leadership changed the bank in 2002 Planet Money Episode. They are dated from 2013 to 2015 and marked highly confidential. May 20, 2021 at 03:29 PM. PDF Transcript Fixed Income Call. 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. [18], In August 2014, Penna was announced as the host of Xploration Earth 2050, a technology-oriented television series. [22][23] Arctic garnered enthusiastic reviews as an Official Selection for the 2018 Cannes Film Festival. Deutsche Bank issues dire economic warning for America 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 said that it never "participated in an organized Cum-Ex market, neither as a short seller nor as a Cum-Ex buyer." Investments in improving data and technology continue. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. Attempts to reach Penna were unsuccessful. [13] A year later, Penna directed and starred in yet another commercial for the two companies. Read this Term scandal. [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. 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. The information you requested is not available at this time, please check back again soon. Freshfields said in the report that staff at Deutsche and Seriva were aware that no withholding tax had been levied. and Deutsche Bank Elevates Top Americas Lawyer to Trust Company Role. Please join me in thanking Stephan for his work and wishing Joe all the best in his new role. Reuters contacted the lawyer who would not confirm that he represented either, citing client confidentiality. 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). I would not accept that there was any failings on my part. The report did not implicate him further in the cum-ex scheme. 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. Joe Pehar - Managing Director - Structured Finance - LinkedIn He was a non-executive director of Vodafone from 2000 to 2002. 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. 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. 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. Results: 4934. Market Intelligence [15], His stop-motion short film Guitar: Impossible was selected to be displayed at the Guggenheim museum. DB | Deutsche Bank AG Company Profile & Executives - WSJ Our Standards: The Thomson Reuters Trust Principles. Germany . 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. I want to work. 'Dark Towers' Goes Inside Deutsche Bank, The Company That Holds - NPR or. Laura Scott ankleboot Nero Nuovo PUMPS - Ctexperiential.org Further documents: Annual Financial Statements and; Financial Data Supplement Q4 / Full-year Money Laundering 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. Joseph Salama - Global Head of Anti-Financial Crimes and AMLO 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. 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. [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. 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. He resides in Los Angeles, California. (Bloomberg) -- For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. Reports - Deutsche Bank Others, which were renamed, dont have listed phone numbers. That criticism about oversight is leveled at management generally but it does briefly single out one individual. The Deutsche Bank spokesman declined to comment on Seriva. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 - Percent high meaning: 48% . Will greater investment in water resources make for a more sustainable future? New York, New York. 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 Pena's Phone Number and Email Last Update. [10] Penna's "Guitar: Impossible" video was also featured by YouTube as one of the best videos of 2009. The spokesman for Deutsche Bank declined to comment.