Reuters received no response to two emails sent to his company. 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. Democratizing Investing: A Revolution in the Making? Seriva obtained withholding tax certificates from DB Frankfurt, the report said, adding later: Employees of DB London knew that no withholding taxes had been levied.. [11] Shortly after, Penna was selected as one of the top 10 new directors at the 20th Cannes Lions Saatchi & Saatchi New Directors' Showcase. 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. Joe Ravi // Shutterstock #89. Barclays Capital, and Deutsche Bank. Joe Penna Deutsche Bank Alias or nickname Find other people named Joe Pennas General Info at Deutsche Bank Not who you're looking for? All quotes delayed a minimum of 15 minutes. In June 2019, Penna began shooting on the sci-fi movie Stowaway starring Anna Kendrick and Toni Collette.[25]. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. investing. 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. [24] Its theatrical premiere was on February 1, 2019. 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). The company also acted as a custodian and issued tax certificates needed for the deals, they said. Professional. According to Reuters, senior figures at both Deutsche Bank and Seriva were aware that no withholding tax had been levied. 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. 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. 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. In 2009, Penna directed an ad in collaboration with Rhett and Link titled T-Shirt War. Its anti-money laundering and financial crime procedures continue to be the subject of scrutiny from regulators. Under his leadership, the AFC team has demonstrated significant progress in the fight against financial crime. Finance Magnates is a global B2B provider of multi-asset trading news, 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. Deutsche issued Seriva with 5.8 million euros of withholding tax certificates, allowing Seriva to make claims for tax rebates. 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. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. May 20, 2021 at 03:29 PM. [6], According to the Financial Times Deutschland Ackerman earned 9.4million in 2009 and 8.8million in 2010. 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. The appointment is subject to final regulatory approvals. He resides in Los Angeles, California. The bulk of the trading involved that facilitated the scheme took place between 2006 and 2011. Cash, card, crypto: how the way you pay will affect your life, My way, your way different paths to success. The Deutsche Bank spokesman declined to comment on Seriva. Pearson and Penna have been suspects in the investigation since at least 2014 for their role in cum-ex trading, according to court documents. 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. In the shadow of a turbulent future, The Bloomberg New Economy Forum brought together world leaders for face-to-face discussions on the global threats we face. City. 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.". 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. This email has been sent to all employees in Chief Administrative Office today. In February 2017, Penna began production of his directorial debut feature film, Arctic. [8] On December 6, 2009, Penna was featured on FM4, an Austrian national radio station. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty. . Reuters contacted the lawyer who would not confirm that he represented either, citing client confidentiality. , Bloomberg. Other global banks, including Santander and Macquarie, are also under investigation for their roles in cum-ex trading schemes. 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. [15], His stop-motion short film Guitar: Impossible was selected to be displayed at the Guggenheim museum. Barclays Capital, and Deutsche Bank. Joe Salama succeeds him as bank's Americas general counsel. As it attempts to stymie ongoing losses, it has also been caught up in Danske Banks Estonian Money Laundering 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. I am convinced that together we will be able to achieve our objectives. 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. Our Standards: The Thomson Reuters Trust Principles. What does it take to make bold moves in business? College of the Holy Cross Updated 42 min ago - Mid-career pay: $127,100 - Early career pay: $65,600 . Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Terms, Cookies 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. Carson has since left Deutsche Bank. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Saint Joseph's University, +1 more. Joe will be based in Frankfurt and in New York to ensure close collaboration with all our regulators. Penna maintains the YouTube channel MysteryGuitarMan. Penna did not respond to a letter requesting comment sent to his home in London. 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. [5] At the annual shareholder meeting in late May 2012, he "handed over the CEO baton" to co-CEOs Anshu Jain and Juergen Fitschen. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. The change will be effective as of July 1st to ensure a smooth transition. 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. On how CEO Josef Ackermann's leadership changed the bank in 2002 Planet Money Episode. 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. [18], In August 2014, Penna was announced as the host of Xploration Earth 2050, a technology-oriented television series. Some Deutsche Bank managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a [5], On September 11, 2005,[6] Penna launched a second YouTube channel, where he uploads his making-of videos and vlogs. Attempts to reach Penna were unsuccessful. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. 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. 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. Found email list ings include: j***@db.com. Privacy Notice Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund 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. I want to work. 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 made at least 18 million. Deutsche Bank said that it never "participated in an organized Cum-Ex market, neither as a short seller nor as a Cum-Ex buyer." S ince upping sticks from Dublin in 2012, the former Celebrity Big Brother star has been jet-setting around the world with her. Read More . Others, which were renamed, dont have listed phone numbers. Joe Pena works at Deutsche Bank, which is a Banking company with an estimated 83,000 employees. 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. The summit runs Nov. 17 - 19 and addresses current global challenges, digitisation and disruption, innovation and shifts in economy. 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]. I also want to thank Stephan for his great contributions. Log in or sign up for Facebook to connect with friends, family and people you know. That criticism about oversight is leveled at management generally but it does briefly single out one individual. The audits were prepared by Freshfields in Germany and London. One of the five documents is a summary that was handed to the prosecutors in May 2017. Our Standards: The Thomson Reuters Trust Principles. 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. trending Ford selected Penna as a Fiesta Agent for the 2009 Ford Fiesta Movement. As a result the AFC team has grown to over 1,600 people. Will greater investment in water resources make for a more sustainable future? According to Deutsche Bank, "Monetary stimulus has been equally breath-taking. 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. 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. 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 A 2012 reform of the tax code stopped the practice, and the current debate centers on whether the trades were legal before that. 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. A person involved in the case gave Reuters the name of a lawyer he said represented Pearson and Penna. 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. 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. 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. We will update you on our priorities and respective changes in the organization by mid of June. View Joe Pehar's profile on LinkedIn, the world's largest professional community. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund Copyright 2023 "Finance Magnates CY Ltd." All [4] As of January2019[update], his channel has garnered over 2.6 million subscribers, and his videos have accrued nearly 400 million views. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . Sign Up. 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. They are dated from 2013 to 2015 and marked highly confidential. "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? Jan 2017 - Jun 20214 years 6 months. 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. 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. 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. 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. Numerous probes are ongoing. Results: 4934. The tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said. 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. 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. Senior Sales Representative Comm/Data at Graybar. [4], Ackermann agreed at the end of 2009 to continue as chief executive of Deutsche Bank for another three years until 2013. Deutsche Bank acted as the prime broker for several Cum-Ex investors that were Ballance clients, according to the probes findings. Prior roles include Americas Head of Litigation and Head of Legal for the Non-Core Operations Unit. Sha'ban 11, 1444 H, EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI. And so Deutsche Bank all of a sudden became one of the most aggressive places to work on Wall Street. Banks or Fintechs Who will be shaping the future of the financial industry? 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. Group Tax confirmed in March 2009 the provision of leverage for cum-ex trades through Deutsche Bank.. We will continue to strengthen our controls and increase collaboration within the AFC function as well as our collaboration with the business lines and the tech organization. or. The law firms report, delivered in 2013 and seen by Bloomberg News, describes how Pearson brought on Nummus as a new client. 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. The German bank is embroiled in a probe into the cum-ex trades, a dividend-stripping technique used to avoid paying taxes. News. Deutsche Bank used tools in its Data Lab in Ireland and open source libraries to mine the bank's information for opportunities. What is your availability? Many of you know him as a great team player across the regions and a true culture carrier. 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. 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. 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 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. Germany's largest lender has been the subject of numerous regulatory and legal investigations over the past decade. One of the five documents is a summary that was handed to the prosecutors in May 2017. Pearson did not respond to multiple emails sent to him at his new company in Gibraltar. 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. He is a member of the Steering Committee of the Bilderberg Group. How cloud technology is silently revolutionising our economy. 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. 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. 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. Cologne prosecutors are still probing the banks activities related to other investors and declined to comment. 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. How can companies and decision-makers reset for growth beyond corona virus. Joe Ravi // Shutterstock Show More Show Less. Search Reset. 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. and Like(s), Event 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. [10] Penna's "Guitar: Impossible" video was also featured by YouTube as one of the best videos of 2009. 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. Read this Term scandal. research and events with special focus on electronic trading, banking, and PDF Transcript Fixed Income Call. 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. Ballance also hired several other Deutsche Bank employees to work on the Cum-Ex deals. 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. 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. 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. 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 j***@db.com. Penna maintains the YouTube channel MysteryGuitarMan. February 18 2016 07:44 AM It's hard to keep up with Georgia Penna. 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.
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