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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. 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. Among key figures. Please join me in thanking Stephan for his work and wishing Joe all the best in his new role. 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. Reuters also contacted Josef Schucker, a person named in the Freshfields audit as the sole investor in Seriva. People named Joe Penna. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. 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 . The company also acted as a custodian and issued tax certificates needed for the deals, they said. A spokesman for Freshfields declined to answer any questions for this story. 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. Contacted for this story, spokesmen for both banks said they are cooperating with investigators. He resides in Los Angeles, California. Group Tax confirmed in March 2009 the provision of leverage for cum-ex trades through Deutsche Bank.. See here for a complete list of exchanges and delays. Some Deutsche Bank managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a The Deutsche Bank spokesman declined to comment. Strengthening Deutsche Banks control environment is a key priority for the Management Board and for each and every one of us. Joe Pena works at Deutsche Bank, which is a Banking company with an estimated 83,000 employees. Log in or sign up for Facebook to connect with friends, family and people you know. An internal report from Deutsche Bank, written by legal firm Freshfields, indicated that senior management at the German bank was aware of the scheme. Freshfields said in the report that staff at Deutsche and Seriva were aware that no withholding tax had been levied. Stephan will assume a new responsibility within our bank, which we will announce in due course. Carson has since left Deutsche Bank. 2/5/2023 1:06 AM. View Joe Pehar's profile on LinkedIn, the world's largest professional community. Log In. He was also a finalist in the "Oreo Global Moments" video competition. 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. One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. Find other Joe Pennas on Spoke Contact Telephone Email Background Report Public Records powered by Digital Info Resume EDIT CAREER Deutsche Bank EDIT EDUCATION Blogs By Industry Voices Achievements and Recognition Cologne prosecutors are still probing the banks activities related to other investors and declined to comment. Deutsche issued Seriva with 5.8 million euros of withholding tax certificates, allowing Seriva to make claims for tax rebates. Manage Cookies, Deutsche Bank Execs Were Aware of Tax Fraud Scheme. 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]. 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. 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 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 The audits were prepared by Freshfields in Germany and London. Subject to regulatory approvals, Salama will succeed Stephan Wilken on July 1, Stefan Simon, Deutsche Bank's Chief Administrative Officer, said in the memo. And so Deutsche Bank all of a sudden became one of the most aggressive places to work on Wall Street. A Corporate Bank as hub for corporate and commercial clients. 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. 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. 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[8] On December 6, 2009, Penna was featured on FM4, an Austrian national radio station. According to a Reuters report published on Friday, the German bank misled authorities into thinking that certain stocks had multiple owners. 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. He was a non-executive director of Vodafone from 2000 to 2002. 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. 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. He also chairs the Legal Diversity and Inclusion Council. Two traders, Simon Pearson and Joe Penna, seem to have been the key figures that triggered the plan initially and dragged along with others. . 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. 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. 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. Best Buy announced Penna as the $15,000 winner of their Tech-U-Out Video Challenge. 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. 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. Joe Pena's Phone Number and Email Last Update. Democratizing Investing: A Revolution in the Making? 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. He registered the channel on June 16, 2006. 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. Reuters contacted the lawyer who would not confirm that he represented either, citing client confidentiality. 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. The appointment is subject to final regulatory approvals. Jan 2017 - Jun 20214 years 6 months. Corporate title. 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. 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. Bank provided services to clients exploiting tax loophole, Lender says it never directly participated in Cum-Ex deals. [13] A year later, Penna directed and starred in yet another commercial for the two companies. Stephan and his team has developed, and commenced implementation of, the banks AFC Strategy to address the foundational requirements for robust financial crime risk management. 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.". 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. 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 spokesman for Deutsche Bank declined to comment. He is a member of the Steering Committee of the Bilderberg Group. 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. Market Intelligence He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . 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. 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. 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. The summit runs Nov. 17 - 19 and addresses current global challenges, digitisation and disruption, innovation and shifts in economy. Deutsche Bank. The tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said. New York, New York. Will Covid-19 be an opportunity or threat to sustainable development? The audits were prepared by Freshfields in Germany and London. Copyright 2023 "Finance Magnates CY Ltd." All This email has been sent to all employees in Chief Administrative Office today. 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. I would not accept that there was any failings on my part. The report did not implicate him further in the cum-ex scheme. See here for a complete list of exchanges and delays. 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. [24] Its theatrical premiere was on February 1, 2019. articles a month for anyone to read, even non-subscribers! City. Read this Term scandal. Joe will be based in Frankfurt and in New York to ensure close collaboration with all our regulators. A German lawyer for Pearson declined to comment. 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. 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 Bank's Joseph Salama was critical in negotiating settlements with global regulators on the bank's behalf, the bank's chief administrative officer said. 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. [5], On September 11, 2005,[6] Penna launched a second YouTube channel, where he uploads his making-of videos and vlogs. View detailed DB description & address. On Monday, Frankfurt prosecutors raided residential and business locations in an investigation unrelated to Deutsche Bank. research and events with special focus on electronic trading, banking, and Priti and Shilpa found work-family balance when they resumed their careers. Reuters could not find any remaining parts of Ballance. It was shot in Iceland and stars Mads Mikkelsen. [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. We will continue our 60 day strategic review in the new CAO area. The German bank is embroiled in a probe into the cum-ex trades, a dividend-stripping technique used to avoid paying taxes. Joe Penna. and PDF Presentation Fixed Income Call. 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. Philadelphia, PA. GRAYBAR, +3 more. The law firms report, delivered in 2013 and seen by Bloomberg News, describes how Pearson brought on Nummus as a new client. Senior Sales Representative Comm/Data at Graybar. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. See here for a complete list of exchanges and delays. Other global banks, including Santander and Macquarie, are also under investigation for their roles in cum-ex trading schemes. 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. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . Ballance also hired several other Deutsche Bank employees to work on the Cum-Ex deals. Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report said. All quotes delayed a minimum of 15 minutes. 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. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, iPhone Maker Plans $700 Million India Plant in Shift From China, S&P 500 Notches Best Week Since Late January: Markets Wrap, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Zoom Abruptly FiresPresident Greg Tomb Without Cause. , Bloomberg. Nummus specialized in Cum-Ex deals, and the men would have known the nature of its work because of the material they reviewed, according to the report. [10], Media related to Josef Ackermann at Wikimedia Commons. 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. [18], In August 2014, Penna was announced as the host of Xploration Earth 2050, a technology-oriented television series. The finance giant had Cum-Ex clients that were loaned as much as 1 billion euros ($1.13 billion). investing. [6], According to the Financial Times Deutschland Ackerman earned 9.4million in 2009 and 8.8million in 2010. Prior roles include Americas Head of Litigation and Head of Legal for the Non-Core Operations Unit. Penna maintains the YouTube channel MysteryGuitarMan. They allowed multiple investors to claim a refund on a dividend tax that was paid only once, according to German authorities. 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. Further documents: Annual Financial Statements and; Financial Data Supplement Q4 / Full-year He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty. 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. Attempts to reach Penna were unsuccessful. Pearson and Penna have been suspects in the investigation since at least 2014 for their role in cum-ex trading, according to court documents. 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. He registered the channel on June 16, 2006. 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 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. News. Joe Ravi // Shutterstock #89. Results: 4934. S ince upping sticks from Dublin in 2012, the former Celebrity Big Brother star has been jet-setting around the world with her. He declined to comment further. [11] Shortly after, Penna was selected as one of the top 10 new directors at the 20th Cannes Lions Saatchi & Saatchi New Directors' Showcase. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. He resides in Los Angeles, California. Are sustainable cities a solution to climate change? Joe Salama succeeds him as bank's Americas general counsel. AFC remains to be critically important. YouTube. 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. 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. As a result the AFC team has grown to over 1,600 people. The bulk of the trading involved that facilitated the scheme took place between 2006 and 2011.