Article: Deutsche Bank Charged By Italy For Market Manipulation, Creating False Accounts | Zero Hedge

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Deutsche Bank Charged By Italy For Market Manipulation, Creating False Accounts | Zero Hedge

Tyler Durden, 01 October 2016

For Deutsche Bank, when it rains, it pours, even when everyone tries to come to its rescue.

One day after its stock soared from all time lows, following what so far appears to have been a fabricated report sourced by AFP which relied on Twitter as a source that the DOJ would reduce its RMBS settlement amount with Deutsche Bank from $14 billion to below $6 billion (and which neither the DOJ nor Deutsche Bank have confirmed for obvious reasons), moments ago Bloomberg reported that six current and former managers of Deutsche Bank, including Michele Faissola, Michele Foresti and Ivor Dunbar, were charged in Milan for colluding to falsify the accounts of Italy’s third-biggest bank, Monte Paschi (which itself is so insolvent it is currently scrambling to finalize a private sector bailout) and manipulate the market. Two former executives at Nomura Holdings Inc. and five at Banca Monte dei Paschi di Siena were also charged. Continue reading “Article: Deutsche Bank Charged By Italy For Market Manipulation, Creating False Accounts | Zero Hedge”

Article: Deutsche Bank’s $10-Billion Scandal

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Deutsche Bank’s $10-Billion Scandal

Ed Caesar, 22 August 2016

Almost every weekday between the fall of 2011 and early 2015, a Russian broker named Igor Volkov called the equities desk of Deutsche Bank’s Moscow headquarters. Volkov would speak to a sales trader—often, a young woman named Dina Maksutova—and ask her to place two trades simultaneously. In one, he would use Russian rubles to buy a blue-chip Russian stock, such as Lukoil, for a Russian company that he represented. Usually, the order was for about ten million dollars’ worth of the stock. In the second trade, Volkov—acting on behalf of a different company, which typically was registered in an offshore territory, such as the British Virgin Islands—would sell the same Russian stock, in the same quantity, in London, in exchange for dollars, pounds, or euros. Both the Russian company and the offshore company had the same owner. Deutsche Bank was helping the client to buy and sell to himself. Continue reading “Article: Deutsche Bank’s $10-Billion Scandal”