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. 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. Manage Cookies, Deutsche Bank Execs Were Aware of Tax Fraud Scheme. [5], On September 11, 2005,[6] Penna launched a second YouTube channel, where he uploads his making-of videos and vlogs. Laura Scott ankleboot Nero Nuovo PUMPS schnrpumps Scarpe da donna 10cm paragrafo Qualit di eccellenza Autentico Merchandise Alta qualit, sconti elevati ctexperiential.org, 58.88 Le migliori offerte per LAURA SCOTT ANKLEBOOT SCHWARZ NEU PUMPS SCHNRPUMPS DAMEN . [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. 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. 'Dark Towers' Goes Inside Deutsche Bank, The Company That Holds - NPR 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. The Deutsche Bank spokesman declined to comment. 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. Deutsche Bank Picks U.S. General Counsel to Head Anti-Financial - WSJ content Review Questions - CHAPTER 1 In a post pandemic more isolated work [15], His stop-motion short film Guitar: Impossible was selected to be displayed at the Guggenheim museum. According to a Reuters report published on Friday, the German bank misled authorities into thinking that certain stocks had multiple owners. 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 Stephan will assume a new responsibility within our bank, which we will announce in due course. Audits reveal Deutsche Bank's links to tax trade scandal Q1. New York, New York. Rating(s), 5 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. Read this Term scandal. Joe Pehar - Managing Director - Structured Finance - LinkedIn [7] His included bonus in 2009 was 8.2million and 7.1million in 2010. Students and Graduates - Deutsche Bank Careers People named Joe Penna. Deutsche Bank AG has a new leader for its U.S. entities in Steven Reich, previously general counsel for the Americas at the German . Investments in improving data and technology continue. For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. Barclays Capital, and Deutsche Bank. Among key figures. He resides in Los Angeles, California. Prior roles include Americas Head of Litigation and Head of Legal for the Non-Core Operations Unit. 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. 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. What we do - Deutsche Bank Penna did not respond to a letter requesting comment sent to his home in London. 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. 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. 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. Priti and Shilpa found work-family balance when they resumed their careers. Authorities grew suspicious and refused to pay Nummus any tax refunds, according to a public filing. The information you requested is not available at this time, please check back again soon. The company also acted as a custodian and issued tax certificates needed for the deals, they said. 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. 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. 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). How can companies and decision-makers reset for growth beyond corona virus. Cologne prosecutors are still probing the banks activities related to other investors and declined to comment. 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. Find your friends on Facebook. 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. In the same year he joined the board of directors of the Deutsche Bank in Frankfurt am Main. The appointment is subject to final regulatory approvals. 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. Within 6 hours, it became the third most subscribed channel in Brazil.[1]. 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. Privacy Notice That criticism about oversight is leveled at management generally but it does briefly single out one individual. 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. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . 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. 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]. See here for a complete list of exchanges and delays. [22][23] Arctic garnered enthusiastic reviews as an Official Selection for the 2018 Cannes Film Festival. It was shot in Iceland and stars Mads Mikkelsen. 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. Found email list ings include: j***@db.com. 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. 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. Joe will be based in Frankfurt and in New York to ensure close collaboration with all our regulators. 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. AI in banking and business what can it do and who stands to gain? 2/5/2023 1:06 AM. Reuters, Saturday, March 04, 2023 | Banks or Fintechs Who will be shaping the future of the financial industry? 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. Contact - Deutsche Bank 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. Josef Ackermann - Wikipedia Corporate title. Deutsche Bank's Ties to Cum-Ex Scandal Ran Deep in Prime Unit Email. News. 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. Steven Reich is now CEO of Deutsche Bank Trust Co. Americas. Announcement of new Global Head of AFC and Group Anti - Deutsche Bank Report: Internal Deutsche audit details links to 'cum-ex' scandal In 2008, Pearson was a managing director and Penna a director in Deutsche Banks London-based prime finance unit, according to an investigation the bank commissioned by Freshfields Bruckhaus Deringer LLP into its dealings with Nummus Financial GmbH. He registered the channel on June 16, 2006. Last year, Deutsche Bank settled a probe by Frankfurt prosecutors into the Nummus work for 4 million euros. Joe Ravi // Shutterstock #89. 100 colleges whose grads go on to earn the most - sfgate.com Two traders, Simon Pearson and Joe Penna, seem to have been the key figures that triggered the plan initially and dragged along with others. That compares. Numerous probes are ongoing. AFC remains to be critically important. The change will be effective as of July 1st to ensure a smooth transition. 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. 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 . Editing by Peter Graff, US Justice Dept warns of steeper penalties for firms that fall foul of messaging policies, Analysis: US Republicans aim to stymie gun sale codes at state level, Factbox: A look at proposed US state laws to curb new gun merchant code, Biden administration announces plan to stop water plant hacks, American Airlines, flight attendants union seek mediation in contract negotiations, Media report that UAE considering leaving OPEC not true - sources, Private equity firms lend less as demand cools, Nissan and Mexican workers agree to 9% raise at Morelos plant, union says, Brazil's Petrobras faces legal risks after halting asset sales -lawyers, Exclusive news, data and analytics for financial market professionals. Nummus went through a customer acceptance procedure, with Deutsche Banks legal department reviewing the contracts and the credit risk management unit conducting due diligence, including a review of the business model and the trading strategy, according to the report. 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. A 2012 reform of the tax code stopped the practice, and the current debate centers on whether the trades were legal before that. Results: 4934. [4] As of January2019[update], his channel has garnered over 2.6 million subscribers, and his videos have accrued nearly 400 million views. Log In. 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. Saint Joseph's University, +1 more. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. Strengthening Deutsche Banks control environment is a key priority for the Management Board and for each and every one of us. Reuters received no response to two emails sent to his company. Reports - Deutsche Bank Deutsche Bank Elevates Top Americas Lawyer to Trust Company Role. Search Reset. On Monday, Frankfurt prosecutors raided residential and business locations in an investigation unrelated to Deutsche Bank. Many of you know him as a great team player across the regions and a true culture carrier. Reuters also contacted his spokeswoman by email, who did not respond. Deutsche Bank won't do any more business with Trump - CNN Barclays Capital, and Deutsche Bank. Joe Penna, Deutsche Bank | Spoke [5] At the annual shareholder meeting in late May 2012, he "handed over the CEO baton" to co-CEOs Anshu Jain and Juergen Fitschen. 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. An internal report from Deutsche Bank, written by legal firm Freshfields, indicated that senior management at the German bank was aware of the scheme. Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. 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. [4], Ackermann agreed at the end of 2009 to continue as chief executive of Deutsche Bank for another three years until 2013. rights reserved.For more information, read our 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. [14], In June 2010, Penna was highlighted by CNN Money on their Best Jobs series. 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. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . (Bloomberg) -- For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. Company profile for Deutsche Bank AG including key executives, insider trading, ownership, revenue and average growth rates. Deutsche Bank was aware of the tax fraud scheme 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. 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. 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. The German bank is embroiled in a probe into the cum-ex trades, a dividend-stripping technique used to avoid paying taxes. 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. The documents were obtained as part of a European media investigation coordinated by non-profit newsroom Correctiv. DB | Deutsche Bank AG Company Profile & Executives - WSJ 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. More: The Tax Dodge That Cost the German Treasury Billions of Euros. The tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said. . The audits were prepared by Freshfields in Germany and London. Carson has since left Deutsche Bank. Group Tax confirmed in March 2009 the provision of leverage for cum-ex trades through Deutsche Bank.. Joe will play an important role in this review. A person involved in the case gave Reuters the name of a lawyer he said represented Pearson and Penna. Some Deutsche Bank managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. Our Standards: The Thomson Reuters Trust Principles. Deutsche Bank acted as the prime broker for several Cum-Ex investors that were Ballance clients, according to the probes findings. articles a month for anyone to read, even non-subscribers! What is your availability? The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Jet-setting Georgia Penna enjoys the high life in Dubai with husband 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. Serivas manager, who asked not to be named, said that the company had received no rebates because of the investigation by tax authorities. They allowed multiple investors to claim a refund on a dividend tax that was paid only once, according to German authorities. Under his leadership, the AFC team has demonstrated significant progress in the fight against financial crime. 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 was a non-executive director of Vodafone from 2000 to 2002. 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). 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. , Bloomberg. Contact - Deutsche Bank Deutsche issued Seriva with 5.8 million euros of withholding tax certificates, allowing Seriva to make claims for tax rebates. Democratizing Investing: A Revolution in the Making? View detailed DB description & address. 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. 18 of 152 19 of 152 #89. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. They are dated from 2013 to 2015 and marked highly confidential. [19] Xploration Station went on to receive eight Daytime Emmy Award nominations. 60+ "Joe Penna" profiles | LinkedIn Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, AllianceBernstein Wins China Approval to Set Up Mutual Fund Unit, Sorry, Fed, Most US Mortgage Rates Were Locked in During Pandemic Lows, Fed Says MoreRate Hikes Are Needed to Curb Inflation, US Service Sector Expands More Than Forecast Suggesting Hiring Success, Rivian Tells Staff EV Output May Be 24% More Than Forecast, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, SoftBanks Son to Join Modi at Oyo Founders Wedding Gala, US-Sanctioned Huawei Makes a Show of Force at Mobile Conference, Hong Kong Court Convicts Activists Behind Tiananmen Vigil, Bidens About-Face on DC Crime Bill Shows Democrats on Defensive, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, NYC TikTok Dating Diary Chronicles Love in the Time of Inflation, Tom Sizemore, 'Saving Private Ryan' actor, dies at 61, AP Says, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece, Video Roundup: Opinions Must-See Footage of the Week, How Democrats Got Away From Third Way Politics, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Panic Over Metals for EVs Goes All the Way to Automakers C-Suites, What Do You Want to See in a Covid Memorial? According to Reuters, senior figures at both Deutsche Bank and Seriva were aware that no withholding tax had been levied. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. All quotes delayed a minimum of 15 minutes. 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. Contact Head Office U.S.A. Deutsche Bank One Columbus Circle New York, NY, 10019 Telephone: +1(212) 250-2500 February 18 2016 07:44 AM It's hard to keep up with Georgia Penna. Subject to regulatory approvals, Salama will succeed Stephan Wilken on July 1, Stefan Simon, Deutsche Bank's Chief Administrative Officer, said in the memo. Each of these owners would then be eligible for a dividend and, significantly, a tax credit. On this Wikipedia the language links are at the top of the page across from the article title. 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. News. [8] On December 6, 2009, Penna was featured on FM4, an Austrian national radio station. [18], In August 2014, Penna was announced as the host of Xploration Earth 2050, a technology-oriented television series. What does it take to make bold moves in business? 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. 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. 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. /marketintelligence/en/news-insights/trending/bNfD9yUmwF2-mqAqA1EEoQ2 One of the five documents is a summary that was handed to the prosecutors in May 2017. Joe Penna. They worked with companies wanting to invest in the scheme as well as the divisions at Deutsche Bank that were responsible for loaning cash. Deutsche Bank appoints U.S. general counsel to head anti - Nasdaq They are dated from 2013 to 2015 and marked "highly confidential". 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. "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? 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. As a result the AFC team has grown to over 1,600 people. 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.