DB accused of running an international criminal organization

https://www.bloomberg.com/news/articles/2017-05-16/deutsche-bank-will-face-fresh-accusation-in-monte-paschi-trial?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social

Deutsche Bank AG, on trial in Milan for allegedly helping Banca Monte dei Paschi di Siena SpA conceal losses, must face accusations that it was running an international criminal organization at the time.

Prosecutors used internal Deutsche Bank documents and emails to persuade a three-judge panel to consider whether there were additional, aggravating circumstances to the charges the German lender already faces related to derivatives transactions. The material included a London trader’s “well done!” message to a banker who is now on trial, evidence seen by Bloomberg shows.

Allowing prosecutors to argue that the alleged market manipulation crimes were committed by an organization operating in several countries could lead to higher penalties if they win a conviction. Giuseppe Iannaccone, a lawyer for Deutsche Bank and some of the defendants, sought to block the move at Tuesday’s hearing, saying there wasn’t a clear connection between the original charge of market manipulation and the alleged aggravating circumstances.

“The trial for Deutsche Bank managers becomes more problematic after the judge’s decision,” said Giampiero Biancolella, an attorney specializing in financial crime who isn’t involved in the case. “If proven, the aggravating circumstance may increase the eventual jail sentence for the market manipulation to a maximum of nine years.”

The German bank and Nomura Holdings Inc. went on trial in Milan in December, accused of colluding with Monte Paschi to cover up losses that almost toppled the Italian lender before its current battle for survival. Thirteen former managers of Deutsche Bank, Nomura and Monte Paschi were charged for alleged false accounting and market manipulation.

Deutsche Bank and Nomura are accused of using complex derivative trades to hide losses at the Italian lender, leading to a misrepresentation of its finances between 2008 and 2012. After the deals came to light in a 2013 Bloomberg News report, Monte Paschi restated its accounts and tapped shareholders twice to replenish capital.

Deutsche Bank and six current and former managers were indicted in Milan Oct. 1 for allegedly helping falsify the Siena-based lender’s accounts through a deal known as Santorini.

The prosecution’s request to label Deutsche Bank an international criminal association hinged on events that occurred in other parts of the globe, including the possible manipulation of an index, which isn’t the subject of charges in the Milan case.

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https://seeker401.wordpress.com/2016/07/21/worlds-oldest-bank-faces-uphill-battle-with-eu-trying-for-another-bailout/

https://seeker401.wordpress.com/2016/08/03/how-deutsche-banks-35-trillion-of-trades-puts-europe-in-peril/

yes..yes they are..

“face accusations that it was running an international criminal organization at the time.”

what a tangled web they weave when they attempt to deceive..

“argue that the alleged market manipulation crimes were committed by an organization operating in several countries could lead to higher penalties if they win a conviction.”

401

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~ by seeker401 on May 23, 2017.

2 Responses to “DB accused of running an international criminal organization”

  1. Reblogged this on World Peace Forum.

  2. Douche Bank is just one part of the criminal cartel , a money market monopoly .
    The Banking cartel is the biggest criminal organization.
    It runs your govt for protection and for the continued debt slavery system.

    When one group of wealthy merchant bankers (only) say they only can create money from nothing (and from putting taxpayers in debt for their very servitude )… oh its a criminal cartel alright.

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