Contacted for this story, spokesmen for both banks said they are cooperating with investigators. In June 2019, Penna began shooting on the sci-fi movie Stowaway starring Anna Kendrick and Toni Collette.[25]. 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. He was a non-executive director of Vodafone from 2000 to 2002. Stephan will assume a new responsibility within our bank, which we will announce in due course. 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. [10], Media related to Josef Ackermann at Wikimedia Commons. Email. Contact Head Office U.S.A. Deutsche Bank One Columbus Circle New York, NY, 10019 Telephone: +1(212) 250-2500 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. 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. [12], Following the success of the original, Penna and the original cast were hired to produce a national television and cinema spot for Coca-Cola and McDonald's. Deutsche Bank was aware of the tax fraud scheme More: The Tax Dodge That Cost the German Treasury Billions of Euros. 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. 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. 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. [11] Shortly after, Penna was selected as one of the top 10 new directors at the 20th Cannes Lions Saatchi & Saatchi New Directors' Showcase. In 2009, Penna directed an ad in collaboration with Rhett and Link titled T-Shirt War. content Market Intelligence Ford selected Penna as a Fiesta Agent for the 2009 Ford Fiesta Movement. Joe Pena works at Deutsche Bank, which is a Banking company with an estimated 83,000 employees. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty. [10] Penna's "Guitar: Impossible" video was also featured by YouTube as one of the best videos of 2009. 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. 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. Professional. See here for a complete list of exchanges and delays. Deutsche Bank's Top Executives Embroiled in German Tax Scandal 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 allowed multiple investors to claim a refund on a dividend tax that was paid only once, according to German authorities. Deutsche Bank also had a profit-sharing agreement with Ballance in 2009 and 2010 under which it received 30% to 50% of the money the asset manager made, according to people familiar with the findings of the Cologne probe. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Penna maintains the YouTube channel MysteryGuitarMan. 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 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. 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. The tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said. 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. 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. It has not been a good couple of months for Deutsche Bank. One of the five documents is a summary that was handed to the prosecutors in May 2017. Joe Penna - owner - Joseph E Penna | LinkedIn 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. Jan 2017 - Jun 20214 years 6 months. Deutsche Bank Elevates Top Americas Lawyer to Trust Company Role. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . AFC remains to be critically important. 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. As Regulators 'Vigilantly Monitor' Deutsche Bank, US GC Moves Into 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. 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. 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. [14], In June 2010, Penna was highlighted by CNN Money on their Best Jobs series. The change will be effective as of July 1st to ensure a smooth transition. 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 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 They worked with companies wanting to invest in the scheme as well as the divisions at Deutsche Bank that were responsible for loaning cash. What we do - Deutsche Bank Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. [9] Shortly after uploaded, his "Guitar: Impossible" video was featured on the MSN.com front page. Review Questions - CHAPTER 1 In a post pandemic more isolated work Penna maintains the YouTube channel MysteryGuitarMan. [7] His included bonus in 2009 was 8.2million and 7.1million in 2010. 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. Deutsche Bank 24 years 4 months Managing Director - Structured Finance - Head of West Coast Deutsche Bank . Results: 4934. 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. The appointment is subject to final regulatory approvals. Among key figures. 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. Log In. [5] At the annual shareholder meeting in late May 2012, he "handed over the CEO baton" to co-CEOs Anshu Jain and Juergen Fitschen. 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. 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 }}. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Joe Ravi // Shutterstock #89. j***@db.com. 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). 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. Authorities grew suspicious and refused to pay Nummus any tax refunds, according to a public filing. 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. The audits were prepared by Freshfields in Germany and London. Joe Penna Profiles | Facebook [3], By January 2011, MysteryGuitarMan became the most subscribed channel in Brazil. Further documents: Annual Financial Statements and; Financial Data Supplement Q4 / Full-year 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. DB | Deutsche Bank AG Company Profile & Executives - WSJ They are dated from 2013 to 2015 and marked "highly confidential". Reuters received no response to two emails sent to his company. Some of the companys units organized shares used by short sellers, cooperating with staff remaining at Deutsche Bank who are also being investigated, according to the people. Announcement of new Global Head of AFC and Group Anti - Deutsche Bank