Deutsche – Page 3 – Financial Treason & Crime

Richard Crump, 12 March 2021

Goldman Sachs is being sued in London over allegations that its traders manipulated foreign exchange markets for profit, in the latest lawsuit filed by a British currency investment firm over trade front-running.

ECU Group alleges that traders at Goldman Sachs International misused its confidential information to make secret profits by trading ahead of foreign exchange transactions by the British company, an illegal tactic known as front-running, according to the High Court claim filed in November but only recently made public. Continue reading “Article: Goldman Faces New Forex Rigging Suit From Currency Trader”

02/24/202103/18/2021

Article: The LIBOR Scandal

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The LIBOR Scandal

Jason Fernando, 24 February 2021

What Is the LIBOR Scandal?
The LIBOR Scandal was a highly-publicized scheme in which bankers at several major financial institutions colluded with each other to manipulate the London Interbank Offered Rate (LIBOR). The scandal sowed distrust in the financial industry and led to a wave of fines, lawsuits, and regulatory actions. Although the scandal came to light in 2012, there is evidence suggesting that the collusion in question had been ongoing since as early as 2003.

Many leading financial institutions were implicated in the scandal, including Deutsche Bank (DB), Barclays (BCS), Citigroup (C), JPMorgan Chase (JPM), and the Royal Bank of Scotland (RBS).

As a result of the rate fixing scandal, questions around LIBOR’s validity as a credible benchmark rate have arisen and it is now being phased out. According to the Federal Reserve and regulators in the U.K., LIBOR will be phased out by June 30, 2023, and will be replaced by the Secured Overnight Financing Rate (SOFR). As part of this phase-out, LIBOR one-week and two-month USD LIBOR rates will no longer be published after December 31, 2021. Continue reading “Article: The LIBOR Scandal”

01/22/202103/15/2021

Article: Deutsche Bank Agrees to $130 Million Settlement Over Claims of Bribery, Market Manipulation

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Deutsche Bank Agrees to $130 Million Settlement Over Claims of Bribery, Market Manipulation

Dani Alexis Ryskamp, J.D., 22 January 2021

Deutsche Bank recently agreed to pay over $130 million in a settlement involving two separate claims—that Deutsche Bank paid bribes for overseas business and that it was involved in the manipulation of metal markets. The settlement’s terms also include a three-year deferred prosecution agreement. Continue reading “Article: Deutsche Bank Agrees to $130 Million Settlement Over Claims of Bribery, Market Manipulation”

01/11/202103/17/2021

Article: Deutsche Bank Strikes a Deal on Bribery

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Deutsche Bank Strikes a Deal on Bribery

finews.asia, 11 January 2021

Deutsche Bank will look to avoid U.S. charges of bribery and manipulation of precious metals markets by making a payment totaling nearly $125 million.

Almost the entire payout relates to charges against the German lender over its dealings in Saudi Arabia, Abu Dhabi, China and Italy, according to court papers, with a criminal fine making up two-thirds of the total sum, according to a court hearing in New York.

Prosecutors claim that Deutsche Bank violated the federal Foreign Corrupt Practices Act (FCPA) which prohibits firms with U.S. operations from paying bribes elsewhere. Continue reading “Article: Deutsche Bank Strikes a Deal on Bribery”

01/08/202103/17/2021

Article: Deutsche Bank Reaches $100 Million Deferred-Prosecution Deal

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Deutsche Bank Reaches $100 Million Deferred-Prosecution Deal

Bloomberg, 08 January 2021

Deutsche Bank AG agreed to pay more than $130 million to settle criminal and civil charges that it bribed foreign officials and manipulated the market for precious-metals futures through a trading tactic known as spoofing. The Frankfurt-based bank agreed to a deal in which it won’t be prosecuted as long as it doesn’t engage in the practices again for more than three years, and wasn’t required to spoofing. Big banks have been rushing to conclude legal deals before the change of U.S. administrations, partly out of concern that there may be stiffer fines under a Democratic president. Three top U.S.-based banks agreed to pay more than $4 billion in settlements announced just before the November election, on issues ranging from bribery to market manipulation. Continue reading “Article: Deutsche Bank Reaches $100 Million Deferred-Prosecution Deal”

01/08/202104/17/2021

Article: Deutsche Bank To Pay Over $130M For FCPA, Fraud Violations

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Deutsche Bank To Pay Over $130M For FCPA, Fraud Violations

Jack Queen, 08 January 2021

Deutsche Bank AG agreed Friday to fork over more than $130 million to resolve separate yearslong bribery and commodities fraud schemes in a pair of agreements with the U.S. Department of Justice and the U.S. Securities and Exchange Commission.

Under the terms of a deferred prosecution agreement with the DOJ, the German bank will pay criminal penalties of $79.5 million for Foreign Corrupt Practices Act violations involving bribes to consultants in Saudi Arabia, Abu Dhabi and Italy in an effort to secure business there. Continue reading “Article: Deutsche Bank To Pay Over $130M For FCPA, Fraud Violations”

01/08/202104/03/2021

Article: Deutsche Bank to pay nearly $125 million to resolve U.S. bribery, metals charges

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Deutsche Bank to pay nearly $125 million to resolve U.S. bribery, metals charges

Jonathan Stempel, Noor Zainab Hussain, 08 January 2021

NEW YORK (Reuters) – Deutsche Bank AG will pay nearly $125 million to avoid U.S. prosecution on charges it engaged in foreign bribery schemes and manipulated precious metals markets, the latest blow for the bank as it tries to rebound from a series of scandals.

Germany’s largest lender agreed to the payout as it entered a three-year deferred prosecution agreement with the U.S. Department of Justice, and a related civil settlement with the U.S. Securities and Exchange Commission.

Almost all of the payout relates to charges Deutsche Bank violated the federal Foreign Corrupt Practices Act (FCPA) over its dealings in Saudi Arabia, Abu Dhabi, China and Italy, court papers show. Nearly two-thirds of the payout is a criminal fine. Continue reading “Article: Deutsche Bank to pay nearly $125 million to resolve U.S. bribery, metals charges”

01/08/202103/15/2021

Article: Market Manipulation and Trading Violations

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Market Manipulation and Trading Violations

MCONSTANTINE CANNON, 08 January 2021

Deutsche Bank Aktiengesellschaft entered into a deferred prosecution agreement and agreed to pay over $130 million to resolve charges that the financial services company violated the FCPA and engaged in a commodities fraud scheme. The SEC charged that Deutsche Bank made payments to individuals including foreign officials, their relatives, and their associates as third-party intermediaries and consultants to obtain and retain global business, and lacked sufficient internal accounting controls related to the use and payment of such intermediaries, resulting in millions in bribe payments or payments for unknown, undocumented, or unauthorized services that were inaccurately recorded as legitimate business expenses with documentation falsified by Deutsche Bank employees. The agreed payment represents a $79.6 million criminal penalty and $43.3 million in disgorgement in prejudgment interest to the SEC. Separately, in connection with a spoofing scheme undertaken by Deutsche precious metals traders in New York, Singapore, and London the bank agreed to a total of $7.5 million in criminal penalties, disgorgement, and restitution, the penalty amount of which will be credited against a 2018 $30 million CFTC civil penalty for substantially the same conduct.

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01/08/202103/15/2021

Article: BRIEF-U.S. accuses Deutsche Bank of concealing bribes, manipulating precious metals futures

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BRIEF-U.S. accuses Deutsche Bank of concealing bribes, manipulating precious metals futures

Reuters Staff, 08 January 2021

Deutsche bank, which entered a deferred prosecution agreement with u.s. Prosecutors, agrees to pay $43.3 million in disgorgement, interest in parallel civil settlement with securities and exchange commission — court filing u.s. Prosecutors accused deutsche bank of falsely concealing bribes paid to a client’s ‘decisionmaker’ in saudi arabia to retain that client’s business — court filing u.s. Prosecutors accused deutsche bank of falsely concealing millions of dollars of payments made to an intermediary acting as a proxy for an official in abu dhabi u.s. Prosecutors accused deutsche bank of books and records violations arising from the saudi- and abu dhabi-related payments, and other matters, from 2009 to 2016 u.s. Prosecutors accused deutsche bank of having from 2008 to 2013 manipulated precious metals futures markets, the subject of a prior civil settlement with the u.s. Commodity futures trading commission

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09/29/202004/07/2021

Article: JPMorgan pays $920 million to settle spoofing claims

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JPMorgan pays $920 million to settle spoofing claims

Bloomberg News, 29 September 2021

The New York-based lender will pay the biggest monetary penalty ever imposed by the CFTC, including a $436.4 million fine, $311.7 million in restitution and more than $172 million in disgorgement, according to a statement from the Commodity Futures Trading Commission.

The CFTC said its order will recognize and offset restitution and disgorgement payments made to the Department of Justice and Securities and Exchange Commission.

The accord ends a criminal investigation of the bank that has led to a half-dozen employees being charged for allegedly rigging the price of gold and silver futures for more than eight years. Two have entered guilty pleas, and four others are awaiting trial. Continue reading “Article: JPMorgan pays $920 million to settle spoofing claims”

09/29/202003/23/2021

Article: JPMorgan to pay $920 million for manipulating precious metals, treasury market

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JPMorgan to pay $920 million for manipulating precious metals, treasury market

Abhishek Manikandan, Michelle Price, 29 September 2020

(Reuters) – JPMorgan Chase & Co has agreed to pay more than $920 million and admitted to wrongdoing to settle federal U.S. market manipulation probes into its trading of metals futures and Treasury securities, the U.S. authorities said on Tuesday.

The landmark multi-agency settlement lifts a regulatory shadow that has hung over the bank for several years and marks a signature victory for the government’s efforts to clamp down on illegal trading in the futures and precious metals market.

JPMorgan will pay $436.4 million in fines, $311.7 million in restitution and more than $172 million in disgorgement, the Commodity Futures Trading Commission (CFTC) said on Tuesday, the biggest-ever settlement imposed by the derivatives regulator.

Between 2008 and 2016, JPMorgan engaged in a pattern of manipulation in the precious metals futures and U.S. Treasury futures market, the CFTC said. Traders would place orders on one side of the market which they never intended to execute, to create a false impression of buy or sell interest that would raise or depress prices, according to the settlement.

This manipulative practice, which is designed to create the illusion of demand, or lack thereof, is known as “spoofing.”

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09/28/202003/15/2021

Article: U.S. Clamps Down on Market Manipulation Known as Spoofing as Two Former Traders at Deutsche Bank are Found Guilty

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U.S. Clamps Down on Market Manipulation Known as Spoofing as Two Former Traders at Deutsche Bank are Found Guilty

SWFI, 28 September 2020

A Chicago federal jury found two former employees of Deutsche Bank AG guilty of fraud charges for their respective roles in fraudulent and manipulative trading practices involving publicly-traded precious metals futures contracts. This case was investigated by the FBI’s New York Field Office. According to the DOJ press release, “After a two-week trial, James Vorley,

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09/27/202003/15/2021

Article: Two Ex- Deutsche Bank traders found guilty of spoofing gold and silver markets

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Two Ex- Deutsche Bank traders found guilty of spoofing gold and silver markets

Neils Christensen, 27 September 2020

U.S. authorities, in an effort to clean up trading activity in the precious metals markets, won a major victory Friday after two former employees of Deutsche Bank traders were found guilty of manipulating gold and silver prices.

Friday, after a two-week court case a federal judge in Chicago found James Vorley, 42, of the United Kingdom, and Cedric Chanu, 40, of France and the United Arab Emirates, were convicted of three counts and seven counts, respectively, of wire fraud affecting a financial institution.

“Today’s jury verdict shows that those who seek to manipulate our public financial markets through fraud will be held accountable by juries and the department,” said Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division in a press release. Continue reading “Article: Two Ex- Deutsche Bank traders found guilty of spoofing gold and silver markets”

09/26/202003/15/2021

Article: Former Deutsche Bank traders convicted of trying to manipulate gold and silver prices

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Former Deutsche Bank traders convicted of trying to manipulate gold and silver prices

Bloomberg, 26 September 2020

Prosecutors behind a sweeping US crackdown on market “spoofing” scored a big win on Friday when former Deutsche Bank traders Cedric Chanu and James Vorley were convicted of fraud for manipulating gold and silver prices.

A federal jury in Chicago, after three days of deliberations, concluded Mr Chanu and Mr Vorley made bogus trade orders between 2008 and 2013 to illegally influence precious metals prices. The week-long trial was the latest US prosecution of a “spoofing” case since the global market “flash crash” in 2010. Continue reading “Article: Former Deutsche Bank traders convicted of trying to manipulate gold and silver prices”

09/26/202003/18/2021

Article: Ex-Deutsche Bank Gold Traders Found Guilty in Spoofing Trial

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Ex-Deutsche Bank Gold Traders Found Guilty in Spoofing Trial

Bloomberg, 26 September 2020

Prosecutors behind a sweeping U.S. crackdown on market “spoofing” scored a big win Friday when former Deutsche Bank AG traders Cedric Chanu and James Vorley were convicted of fraud for manipulating gold and silver prices.

A federal jury in Chicago, after three days of deliberations, concluded Chanu and Vorley made bogus trade orders between 2008 and 2013 to illegally influence precious-metals prices. The weeklong trial was the latest U.S. prosecution of a “spoofing” case since the global market “flash crash” in 2010. Continue reading “Article: Ex-Deutsche Bank Gold Traders Found Guilty in Spoofing Trial”