joe penna deutsche bank

The documents were obtained as part of a European media investigation coordinated by non-profit newsroom Correctiv. Cash, card, crypto: how the way you pay will affect your life, My way, your way different paths to success. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. 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. Saint Joseph's University, +1 more. Still, their new natural language processing system deepened their . [5] At the annual shareholder meeting in late May 2012, he "handed over the CEO baton" to co-CEOs Anshu Jain and Juergen Fitschen. Penna maintains the YouTube channel MysteryGuitarMan. Global Head of Litigation and Regulatory Enforcement. All quotes delayed a minimum of 15 minutes. Last year, Deutsche Bank settled a probe by Frankfurt prosecutors into the Nummus work for 4 million euros. Joe Pena's Phone Number and Email Last Update. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 - Percent high meaning: 48% . Manage Cookies, Deutsche Bank Execs Were Aware of Tax Fraud Scheme. He registered the channel on June 16, 2006. 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. 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. 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. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. What does it take to make bold moves in business? 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. 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. Will Covid-19 be an opportunity or threat to sustainable development? 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. They allowed multiple investors to claim a refund on a dividend tax that was paid only once, according to German authorities. Reuters could not find any remaining parts of Ballance. 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. In March 2019 the New York Times reported that Ackermann was aware of the business dealings between the New York branch of the bank and Donald Trump. Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report said. On this Wikipedia the language links are at the top of the page across from the article title. [20], In March 2016, his short film Turning Point was selected to play at the Tribeca Film Festival.[21]. 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. One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. 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. The information you requested is not available at this time, please check back again soon. articles a month for anyone to read, even non-subscribers! 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. I am convinced that together we will be able to achieve our objectives. Further documents: Annual Financial Statements and; Financial Data Supplement Q4 / Full-year 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. Our Standards: The Thomson Reuters Trust Principles. A spokesman for Freshfields declined to answer any questions for this story. Bank provided services to clients exploiting tax loophole, Lender says it never directly participated in Cum-Ex deals. Reuters also contacted Josef Schucker, a person named in the Freshfields audit as the sole investor in Seriva. 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. Subject to regulatory approvals, Salama will succeed Stephan Wilken on July 1, Stefan Simon, Deutsche Bank's Chief Administrative Officer, said in the memo. After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. Pearson did not respond to multiple emails sent to him at his new company in Gibraltar. He will report to me and become a member of my Executive Committee. [13] A year later, Penna directed and starred in yet another commercial for the two companies. Joe Penna. The audits were prepared by Freshfields in Germany and London. Are sustainable cities a solution to climate change? Each of these owners would then be eligible for a dividend and, significantly, a tax credit. Banks or Fintechs Who will be shaping the future of the financial industry? I would not accept that there was any failings on my part. The report did not implicate him further in the cum-ex scheme. 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. investing. A 2012 reform of the tax code stopped the practice, and the current debate centers on whether the trades were legal before that. 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. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. All quotes delayed a minimum of 15 minutes. Senior Sales Representative Comm/Data at Graybar. 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. Like(s), Event 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. 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. [22][23] Arctic garnered enthusiastic reviews as an Official Selection for the 2018 Cannes Film Festival. 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. Sign Up. As it attempts to stymie ongoing losses, it has also been caught up in Danske Banks Estonian Money Laundering In the same year he joined the board of directors of the Deutsche Bank in Frankfurt am Main. [4], Ackermann agreed at the end of 2009 to continue as chief executive of Deutsche Bank for another three years until 2013. [9] Shortly after uploaded, his "Guitar: Impossible" video was featured on the MSN.com front page. and Joe Salama succeeds him as bank's Americas general counsel. 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. (Bloomberg) -- For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. Deutsche Bank acted as the prime broker for several Cum-Ex investors that were Ballance clients, according to the probes findings. The finance giant had Cum-Ex clients that were loaned as much as 1 billion euros ($1.13 billion). The Deutsche Bank spokesman declined to comment. 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. . Best Buy announced Penna as the $15,000 winner of their Tech-U-Out Video Challenge. Investment Bank Private Bank Awards Client logins Locations worldwide Mobile services Reports Responsibility Sustainability Sustainability Deep Dive Society Art, Culture & Sports Responsibility reports Focus topics Cloud Corporate venture capital Deutsche Bank at COP Digital disruption Entrepreneurial success Innovation network Responsible growth content 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. 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 }}. Joe is currently based in Florida. Privacy Notice 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. Reuters received no response to two emails sent to his company. [14], In June 2010, Penna was highlighted by CNN Money on their Best Jobs series. 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. AI in banking and business what can it do and who stands to gain? [6], According to the Financial Times Deutschland Ackerman earned 9.4million in 2009 and 8.8million in 2010. Our Standards: The Thomson Reuters Trust Principles. According to Deutsche Bank, "Monetary stimulus has been equally breath-taking. 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. He was also a finalist in the "Oreo Global Moments" video competition. 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. Deutsche Bank used tools in its Data Lab in Ireland and open source libraries to mine the bank's information for opportunities. Serivas manager, who asked not to be named, said that the company had received no rebates because of the investigation by tax authorities. He registered the channel on June 16, 2006. 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. 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. After leaving university Ackermann went to work in 1977 for the Swiss multinational investment bank Credit Suisse, which he left in 1996. They are dated from 2013 to 2015 and marked highly confidential. I also want to thank Stephan for his great contributions. That criticism about oversight is leveled at management generally but it does briefly single out one individual. 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. The company traded only with Deutsche Bank and other Ballance Group companies, according to a Ballance report for the year ended October 2010. Penna maintains the YouTube channel MysteryGuitarMan. Reuters also contacted his spokeswoman by email, who did not respond. Copyright 2023 Ministry of Information. Joe will play an important role in this review. [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. 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. 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. Democratizing Investing: A Revolution in the Making? 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. S ince upping sticks from Dublin in 2012, the former Celebrity Big Brother star has been jet-setting around the world with her. [10] Penna's "Guitar: Impossible" video was also featured by YouTube as one of the best videos of 2009. During the height of the activity from 2008 to 2011, the bank took on clients that did nothing but such deals. [5], On September 11, 2005,[6] Penna launched a second YouTube channel, where he uploads his making-of videos and vlogs. 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 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. Penna did not respond to a letter requesting comment sent to his home in London. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. 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.". Many of you know him as a great team player across the regions and a true culture carrier. Germany's largest lender has been the subject of numerous regulatory and legal investigations over the past decade. 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. 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. February 18 2016 07:44 AM It's hard to keep up with Georgia Penna. 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. On Monday, Frankfurt prosecutors raided residential and business locations in an investigation unrelated to Deutsche Bank. Log In. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty. December 20, 2022. 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. [15], His stop-motion short film Guitar: Impossible was selected to be displayed at the Guggenheim museum. Joe Ravi // Shutterstock #89. Reuters contacted the lawyer who would not confirm that he represented either, citing client confidentiality. In addition, the bank has significantly upgraded its skill-set across all AFC risk disciplines, making senior subject matter expert hires in different jurisdictions in order to address regulatory short-comings. Email. 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.

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