[13] A year later, Penna directed and starred in yet another commercial for the two companies. Terms, Cookies YouTube. During the height of the activity from 2008 to 2011, the bank took on clients that did nothing but such deals. 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. Group Tax confirmed in March 2009 the provision of leverage for cum-ex trades through Deutsche Bank.. According to Deutsche Bank, "Monetary stimulus has been equally breath-taking. Joe Ravi // Shutterstock #89. Deutsche issued Seriva with 5.8 million euros of withholding tax certificates, allowing Seriva to make claims for tax rebates. Found email list ings include: j***@db.com. He also chairs the Legal Diversity and Inclusion Council. See Photos. See here for a complete list of exchanges and delays. People named Joe Penna. Joe Penna Deutsche Bank Alias or nickname Find other people named Joe Pennas General Info at Deutsche Bank Not who you're looking for? The law firms report, delivered in 2013 and seen by Bloomberg News, describes how Pearson brought on Nummus as a new client. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Reuters also contacted Josef Schucker, a person named in the Freshfields audit as the sole investor in Seriva. He was also a finalist in the "Oreo Global Moments" video competition. Reuters claims that Pearson and Penna acted as middlemen in these deals. Strengthening Deutsche Banks control environment is a key priority for the Management Board and for each and every one of us. Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. May 20, 2021 at 03:29 PM. 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. Husband of model Salpa embroiled in German share-trading scandal 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 Barry J Whyte June 23, 2019 Irish model Georgia Salpa with her husband Joe Penna Picture: Xposure The documents were obtained as part of a European media investigation coordinated by non-profit newsroom Correctiv. 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. All quotes delayed a minimum of 15 minutes. Sha'ban 11, 1444 H, EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI. Log In. Contact. In June 2019, Penna began shooting on the sci-fi movie Stowaway starring Anna Kendrick and Toni Collette.[25]. December 20, 2022. S ince upping sticks from Dublin in 2012, the former Celebrity Big Brother star has been jet-setting around the world with her. In 2009, Penna was again seen on the front page of YouTube with his video Guitar: Impossible, which has been covered by De Wereld Draait Door, the highest-rated primetime show in the Netherlands. Global Head of Litigation and Regulatory Enforcement. 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. The audits were prepared by Freshfields in Germany and London. Attempts to reach Penna were unsuccessful. [11] Shortly after, Penna was selected as one of the top 10 new directors at the 20th Cannes Lions Saatchi & Saatchi New Directors' Showcase. Corporate title. 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. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. It garnered international attention. Results: 4934. 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. Still, their new natural language processing system deepened their . Each of these owners would then be eligible for a dividend and, significantly, a tax credit. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. He resides in Los Angeles, California. content Last year, Deutsche Bank settled a probe by Frankfurt prosecutors into the Nummus work for 4 million euros. Stephan will assume a new responsibility within our bank, which we will announce in due course. Privacy Notice After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. 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. Saint Joseph's University, +1 more. For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. He declined to comment further. All quotes delayed a minimum of 15 minutes. More: The Tax Dodge That Cost the German Treasury Billions of Euros. Copyright 2023 "Finance Magnates CY Ltd." All articles a month for anyone to read, even non-subscribers! Deutsche Bank used tools in its Data Lab in Ireland and open source libraries to mine the bank's information for opportunities. Best Buy announced Penna as the $15,000 winner of their Tech-U-Out Video Challenge. 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. /marketintelligence/en/news-insights/trending/bNfD9yUmwF2-mqAqA1EEoQ2 They worked with companies wanting to invest in the scheme as well as the divisions at Deutsche Bank that were responsible for loaning cash. Deutsche Bank profited by lending money to buyers and shares to short sellers in the transactions, said the people, asking not to be identified because the probe isnt public. Our Standards: The Thomson Reuters Trust Principles. 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. They allowed multiple investors to claim a refund on a dividend tax that was paid only once, according to German authorities. Freshfields said in the report that staff at Deutsche and Seriva were aware that no withholding tax had been levied. 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. 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. [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. In February 2017, Penna began production of his directorial debut feature film, Arctic. He was a non-executive director of Vodafone from 2000 to 2002. I also want to thank Stephan for his great contributions. Ford selected Penna as a Fiesta Agent for the 2009 Ford Fiesta Movement. 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. Barclays Capital, and Deutsche Bank. 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. In numerical terms, the Fed's balance sheet has almost doubled during the pandemic to nearly $8tn. They are dated from 2013 to 2015 and marked highly confidential. Prior roles include Americas Head of Litigation and Head of Legal for the Non-Core Operations Unit. 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 Pena's Phone Number and Email Last Update. Bank provided services to clients exploiting tax loophole, Lender says it never directly participated in Cum-Ex deals. In 2009, Penna directed an ad in collaboration with Rhett and Link titled T-Shirt War. 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. Joe will play an important role in this review. 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. A spokesman for Freshfields declined to answer any questions for this story. 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. Copyright 2023 Ministry of Information. 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. Richard Carson was most directly responsible for this shortcoming as the direct supervisor of the manager of the trading desk, the report said. I want to work. 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. 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. How cloud technology is silently revolutionising our economy. 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. 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. I am pleased to announce that the Management Board has appointed Joe Salama as Global Head of Anti-Financial Crime (AFC) and Group Anti Money Laundering Officer. Photographer: Krisztian Bocsi/Bloomberg Numerous probes are ongoing. AFC has also worked closely with the businesses to formulate a target operating model which permit our business partners to actively manage our financial crime risks. Further documents: Annual Financial Statements and; Financial Data Supplement Q4 / Full-year Will greater investment in water resources make for a more sustainable future? 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. He will report to Simon and split his time between New York and Frankfurt. Contact Head Office U.S.A. Deutsche Bank One Columbus Circle New York, NY, 10019 Telephone: +1(212) 250-2500 Deutsche Bank. Under his leadership, the AFC team has demonstrated significant progress in the fight against financial crime. The industry leader for online information for tax, accounting and finance professionals. 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. [10], Media related to Josef Ackermann at Wikimedia Commons. Full List", https://en.wikipedia.org/w/index.php?title=Joe_Penna&oldid=1131180368, Brazilian expatriates in the United States, Short description is different from Wikidata, Articles containing potentially dated statements from January 2019, All articles containing potentially dated statements, Creative Commons Attribution-ShareAlike License 3.0, Guitar, bass guitar, drums, keyboards, vocals, This page was last edited on 2 January 2023, at 23:15. According to a Reuters report published on Friday, the German bank misled authorities into thinking that certain stocks had multiple owners. 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. [18], In August 2014, Penna was announced as the host of Xploration Earth 2050, a technology-oriented television series. The company traded only with Deutsche Bank and other Ballance Group companies, according to a Ballance report for the year ended October 2010. He resides in Los Angeles, California. 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 }}. and Reuters also contacted his spokeswoman by email, who did not respond. The spokesman for Deutsche Bank declined to comment. 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. 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. [5] At the annual shareholder meeting in late May 2012, he "handed over the CEO baton" to co-CEOs Anshu Jain and Juergen Fitschen. 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. The audits were prepared by Freshfields in Germany and London. Manage Cookies, Deutsche Bank Execs Were Aware of Tax Fraud Scheme. Copy of Case 1 Did Info Systems Cause Deutsche Bank to Stumble; ECON 208 - Final Study Guide; Solomon Consumer Behaviour Chap 1 test bank; Sample/practice exam 2016, questions . 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. See here for a complete list of exchanges and delays. Steven Reich is now CEO of Deutsche Bank Trust Co. Americas. New York, New York. Germany's largest lender has been the subject of numerous regulatory and legal investigations over the past decade. Carson has since left Deutsche Bank. Subject to regulatory approvals, Salama will succeed Stephan Wilken on July 1, Stefan Simon, Deutsche Bank's Chief Administrative Officer, said in the memo. A Corporate Bank as hub for corporate and commercial clients. Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report said. Finance Magnates is a global B2B provider of multi-asset trading news, PDF Presentation Fixed Income Call. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 - Percent high meaning: 48% . 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. Joe Pena works at Deutsche Bank, which is a Banking company with an estimated 83,000 employees. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. 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 . Jan 2017 - Jun 20214 years 6 months. On Monday, Frankfurt prosecutors raided residential and business locations in an investigation unrelated to Deutsche Bank. The company also acted as a custodian and issued tax certificates needed for the deals, they said. 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. 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. 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. Pearson and Penna have been suspects in the investigation since at least 2014 for their role in cum-ex trading, according to court documents. One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. Senior Sales Representative Comm/Data at Graybar. 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. Read this Term scandal. Contacted for this story, spokesmen for both banks said they are cooperating with investigators.
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