All quotes delayed a minimum of 15 minutes. 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 does it take to make bold moves in business? 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. Best Buy announced Penna as the $15,000 winner of their Tech-U-Out Video Challenge. Joe Pena's Phone Number and Email Last Update. Oct. 29, 2020, 11:20 AM. Others, which were renamed, dont have listed phone numbers. Joe Ravi // Shutterstock #89. Joe Pena works at Deutsche Bank, which is a Banking company with an estimated 83,000 employees. According to Reuters, senior figures at both Deutsche Bank and Seriva were aware that no withholding tax had been levied. 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. 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 most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. Sign Up. 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. 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 On Monday, Frankfurt prosecutors raided residential and business locations in an investigation unrelated to Deutsche Bank. 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). 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. Pearson and Penna have been suspects in the investigation since at least 2014 for their role in cum-ex trading, according to court documents. During the height of the activity from 2008 to 2011, the bank took on clients that did nothing but such deals. May 20, 2021 at 03:29 PM. 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 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. A 2012 reform of the tax code stopped the practice, and the current debate centers on whether the trades were legal before that. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. 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. 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. 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. Many of you know him as a great team player across the regions and a true culture carrier. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . He resides in Los Angeles, California. December 20, 2022. The change will be effective as of July 1st to ensure a smooth transition. 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. [13] A year later, Penna directed and starred in yet another commercial for the two companies. (Charles W. Lamb; Carl McDaniel; Joe F. Hair) Business-To-Business Marketing (Robert P. Vitale; Joseph Giglierano; Waldemar Pfoertsch) Cognitive Psychology (Robert . As a result the AFC team has grown to over 1,600 people. 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. 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. research and events with special focus on electronic trading, banking, and More: The Tax Dodge That Cost the German Treasury Billions of Euros. 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. See here for a complete list of exchanges and delays. Still, their new natural language processing system deepened their . College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 - Percent high meaning: 48% . But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. S ince upping sticks from Dublin in 2012, the former Celebrity Big Brother star has been jet-setting around the world with her. 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 greater investment in water resources make for a more sustainable future? Privacy Notice The company traded only with Deutsche Bank and other Ballance Group companies, according to a Ballance report for the year ended October 2010. Reuters could not find any remaining parts of Ballance. Will Covid-19 be an opportunity or threat to sustainable development? 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. 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. Deutsche Bank used tools in its Data Lab in Ireland and open source libraries to mine the bank's information for opportunities. Deutsche Bank acted as the prime broker for several Cum-Ex investors that were Ballance clients, according to the probes findings. 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. 18 of 152 19 of 152 #89. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. Freshfields said in the report that staff at Deutsche and Seriva were aware that no withholding tax had been levied. Cologne prosecutors are still probing the banks activities related to other investors and declined to comment. 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 German lawyer for Pearson declined to comment. I would not accept that there was any failings on my part. The report did not implicate him further in the cum-ex scheme. Strengthening Deutsche Banks control environment is a key priority for the Management Board and for each and every one of us. Some Ballance units were dissolved. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. A person involved in the case gave Reuters the name of a lawyer he said represented Pearson and Penna. Serivas manager, who asked not to be named, said that the company had received no rebates because of the investigation by tax authorities. See Photos. 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. Like(s), Event The finance giant had Cum-Ex clients that were loaned as much as 1 billion euros ($1.13 billion). 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 }}. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. rights reserved.For more information, read our Global Head of Litigation and Regulatory Enforcement. Deutsche made at least 18 million. 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. Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. 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. It granted one fund a loan of 942 million euros for the trades; another, 743 million euros. 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. (Bloomberg) -- For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. Within 6 hours, it became the third most subscribed channel in Brazil.[1]. We will update you on our priorities and respective changes in the organization by mid of June. He also chairs the Legal Diversity and Inclusion Council. [10] Penna's "Guitar: Impossible" video was also featured by YouTube as one of the best videos of 2009. PDF PDF (Q1 2018 results) PDF PDF (Ad-hoc release strategy) PDF PDF (Release strategy) PDF PDF (Q2 2018 segment and financial statements structure) XLS (Q2 2018 segment and financial statements structure) PDF PDF. The company also acted as a custodian and issued tax certificates needed for the deals, they said. Its anti-money laundering and financial crime procedures continue to be the subject of scrutiny from regulators. He registered the channel on June 16, 2006. According to a Reuters report published on Friday, the German bank misled authorities into thinking that certain stocks had multiple owners. The industry leader for online information for tax, accounting and finance professionals. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". The documents were obtained as part of a European media investigation coordinated by non-profit newsroom Correctiv. Ballance also hired several other Deutsche Bank employees to work on the Cum-Ex deals. We will continue our 60 day strategic review in the new CAO area. Professional. [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.
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