Joe will be based in Frankfurt and in New York to ensure close collaboration with all our regulators. [8] On December 6, 2009, Penna was featured on FM4, an Austrian national radio station. 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. 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. Others, which were renamed, dont have listed phone numbers. He will report to me and become a member of my Executive Committee. 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 Among key figures. 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. In 2009, Penna directed an ad in collaboration with Rhett and Link titled T-Shirt War. Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report said. "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? The company traded only with Deutsche Bank and other Ballance Group companies, according to a Ballance report for the year ended October 2010. That criticism about oversight is leveled at management generally but it does briefly single out one individual. 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. Announcement of new Global Head of AFC and Group Anti - Deutsche Bank 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. 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. 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. Joe Ravi // Shutterstock Show More Show Less. As it attempts to stymie ongoing losses, it has also been caught up in Danske Banks Estonian Money Laundering AFC remains to be critically important. Deutsche issued Seriva with 5.8 million euros of withholding tax certificates, allowing Seriva to make claims for tax rebates. Please join me in thanking Stephan for his work and wishing Joe all the best in his new role. 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. Deutsche Bank 24 years 4 months Managing Director - Structured Finance - Head of West Coast Deutsche Bank . Joseph Salama - Global Head of Anti-Financial Crimes and AMLO The bulk of the trading involved that facilitated the scheme took place between 2006 and 2011. They allowed multiple investors to claim a refund on a dividend tax that was paid only once, according to German authorities. After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. Reuters received no response to two emails sent to his company. Priti and Shilpa found work-family balance when they resumed their careers. [6], According to the Financial Times Deutschland Ackerman earned 9.4million in 2009 and 8.8million in 2010. On Monday, Frankfurt prosecutors raided residential and business locations in an investigation unrelated to Deutsche Bank. 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. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. Money Laundering View Joe Pehar's profile on LinkedIn, the world's largest professional community. 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. Reuters contacted the lawyer who would not confirm that he represented either, citing client confidentiality. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . Saint Joseph's University, +1 more. 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. 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. 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. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. 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. 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. Are sustainable cities a solution to climate change? Reports - Deutsche Bank content He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty. Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. Search Reset. 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. 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. Joe Penna, Deutsche Bank | Spoke 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. 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. Steven Reich is now CEO of Deutsche Bank Trust Co. Americas. Reuters, Saturday, March 04, 2023 | News. All quotes delayed a minimum of 15 minutes. The appointment is subject to final regulatory approvals. What we do - Deutsche Bank Reuters also contacted his spokeswoman by email, who did not respond. German authorities say that dozens of banks and brokerages in London and other global financial hubs helped investors siphon off billions of euros from the national treasury with the transactions over the course of a decade. 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. 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. 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. Company profile for Deutsche Bank AG including key executives, insider trading, ownership, revenue and average growth rates. 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. According to a Reuters report published on Friday, the German bank misled authorities into thinking that certain stocks had multiple owners. 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. We will update you on our priorities and respective changes in the organization by mid of June. 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. 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. Rating(s), 5 Joe Ravi // Shutterstock #89. 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. Over the past 2 years, the bank has invested substantially in building its capabilities in Financial Crime Risk management. Joe Pena works at Deutsche Bank, which is a Banking company with an estimated 83,000 employees. As a result the AFC team has grown to over 1,600 people. Philadelphia, PA. GRAYBAR, +3 more. In June 2019, Penna began shooting on the sci-fi movie Stowaway starring Anna Kendrick and Toni Collette.[25]. And so Deutsche Bank all of a sudden became one of the most aggressive places to work on Wall Street. 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. 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.