I want to work. Philadelphia, PA. GRAYBAR, +3 more. Copyright 2023 Ministry of Information. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. 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. [5], On September 11, 2005,[6] Penna launched a second YouTube channel, where he uploads his making-of videos and vlogs. Stephan will assume a new responsibility within our bank, which we will announce in due course. [9] Shortly after uploaded, his "Guitar: Impossible" video was featured on the MSN.com front page. [10] Penna's "Guitar: Impossible" video was also featured by YouTube as one of the best videos of 2009. I also want to thank Stephan for his great contributions. It granted one fund a loan of 942 million euros for the trades; another, 743 million euros. They are dated from 2013 to 2015 and marked highly confidential. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Q1. A 2012 reform of the tax code stopped the practice, and the current debate centers on whether the trades were legal before that. 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. Will Covid-19 be an opportunity or threat to sustainable development? Contacted for this story, spokesmen for both banks said they are cooperating with investigators. I would not accept that there was any failings on my part. The report did not implicate him further in the cum-ex scheme. 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. 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. In February 2017, Penna began production of his directorial debut feature film, Arctic. Within 6 hours, it became the third most subscribed channel in Brazil.[1]. Terms, Cookies 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. Each of these owners would then be eligible for a dividend and, significantly, a tax credit. A Deutsche Bank executive is suing a son and a brother of Delaware Sen. Joe Biden for at least $10 million over a deal they had to buy into a hedge fund, according to court documents. Best Buy announced Penna as the $15,000 winner of their Tech-U-Out Video Challenge. [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. Last year, Deutsche Bank settled a probe by Frankfurt prosecutors into the Nummus work for 4 million euros. 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. 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 used tools in its Data Lab in Ireland and open source libraries to mine the bank's information for opportunities. 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. Reuters, Saturday, March 04, 2023 | Serivas manager, who asked not to be named, said that the company had received no rebates because of the investigation by tax authorities. Joe is currently based in Florida. 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. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. The documents were obtained as part of a European media investigation coordinated by non-profit newsroom Correctiv. Found email list ings include: j***@db.com. 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 What is your availability? 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. 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. The Deutsche Bank spokesman declined to comment. 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 will report to Simon and split his time between New York and Frankfurt. Its anti-money laundering and financial crime procedures continue to be the subject of scrutiny from regulators. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. Reuters could not find any remaining parts of Ballance. 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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 . 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 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]. Germany . In June 2019, Penna began shooting on the sci-fi movie Stowaway starring Anna Kendrick and Toni Collette.[25]. Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report said. 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. Pearson did not respond to multiple emails sent to him at his new company in Gibraltar. 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. 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 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. 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. 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. In the same year he joined the board of directors of the Deutsche Bank in Frankfurt am Main. The change will be effective as of July 1st to ensure a smooth transition. He will report to me and become a member of my Executive Committee. 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. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Reuters received no response to two emails sent to his company. [7] His included bonus in 2009 was 8.2million and 7.1million in 2010. Many of you know him as a great team player across the regions and a true culture carrier. A spokesman for Freshfields declined to answer any questions for this story. (Bloomberg) -- For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. May 20, 2021 at 03:29 PM. After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. The German bank is embroiled in a probe into the cum-ex trades, a dividend-stripping technique used to avoid paying taxes. Reuters also contacted his spokeswoman by email, who did not respond. 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. 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. Under his leadership, the AFC team has demonstrated significant progress in the fight against financial crime. Over the past 2 years, the bank has invested substantially in building its capabilities in Financial Crime Risk management. 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. 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. 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. Market Intelligence He resides in Los Angeles, California. 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. The appointment is subject to final regulatory approvals. People named Joe Penna. Corporate title. Carson has since left 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. Joe will play an important role in this review. A Corporate Bank as hub for corporate and commercial clients. 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. 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. The audits were prepared by Freshfields in Germany and London. See here for a complete list of exchanges and delays. . Finance Magnates is a global B2B provider of multi-asset trading news, Will greater investment in water resources make for a more sustainable future? He served as chairman of the board from 2002 to 2012. 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. Pearson and Penna have been suspects in the investigation since at least 2014 for their role in cum-ex trading, according to court documents. 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). 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. We will continue our 60 day strategic review in the new CAO area. Reuters has seen the Freshfields documents, as well as thousands of pages of bank files, correspondence and court documents relating to the cum-ex case. For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. The finance giant had Cum-Ex clients that were loaned as much as 1 billion euros ($1.13 billion). or. View Joe Pehar's profile on LinkedIn, the world's largest professional community. [6], According to the Financial Times Deutschland Ackerman earned 9.4million in 2009 and 8.8million in 2010. 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. Senior Sales Representative Comm/Data at Graybar. According to Deutsche Bank, "Monetary stimulus has been equally breath-taking. Joe Penna Deutsche Bank Alias or nickname Find other people named Joe Pennas General Info at Deutsche Bank Not who you're looking for? He is a member of the Steering Committee of the Bilderberg Group. In numerical terms, the Fed's balance sheet has almost doubled during the pandemic to nearly $8tn. New York, New York. [11] Shortly after, Penna was selected as one of the top 10 new directors at the 20th Cannes Lions Saatchi & Saatchi New Directors' Showcase. and Some Deutsche Bank managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a All quotes delayed a minimum of 15 minutes. Log in or sign up for Facebook to connect with friends, family and people you know. [20], In March 2016, his short film Turning Point was selected to play at the Tribeca Film Festival.[21]. Barclays Capital, and Deutsche Bank. How can companies and decision-makers reset for growth beyond corona virus. They are dated from 2013 to 2015 and marked "highly confidential". [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. It was shot in Iceland and stars Mads Mikkelsen. The Annual Report 2021 includes an overview of Deutsche Bank, the management report with the compensation report, the bank's audited consolidated financial statements, the corporate governance statement and supplementary information. 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 recent years, Joe has negotiated almost all of our major AFC-related legal settlements and has been a key contact for our monitors as well as for regulators and enforcers worldwide. 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. For other people named Josef Ackermann, see, Video eferencing studying in Switzerland, while accepting an award for Deutsche Bank in 2011, St. Gallen Foundation for International Studies, "Was Ackermanns Ex-Medienchef ber den Topbanker weiss", "Deutsche Bank and Trump: $2 Billion in Loans and a Wary Board", Ackermann to stay as Deutsche Bank CEO until 2013, "Deutsche Bank details duties of co-CEOs", "Siemens Appoints Board Replacement for Ackermann", "Bank of Cyprus Funded and Controlled by Ex-KGB, Billionaires and Controversial Former Financiers", "Former Chairman and CEO of Deutsche Bank Joins Macro Hive's Board", https://en.wikipedia.org/w/index.php?title=Josef_Ackermann&oldid=1121086632, Members of the Steering Committee of the Bilderberg Group, Pages using infobox person with multiple employers, Creative Commons Attribution-ShareAlike License 3.0, President of the Board of Trustees of the, Chairman of the Board of Directors of the, Bilderberg Meetings attendee 2010, 2011, 2012, 2013, 2014, This page was last edited on 10 November 2022, at 12:23. , Bloomberg. 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. Deutsche Bank AG has a new leader for its U.S. entities in Steven Reich, previously general counsel for the Americas at the German . 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). Some Ballance units were dissolved. In 2009, Penna directed an ad in collaboration with Rhett and Link titled T-Shirt War.