EDITOR NOTE: A variation of the same story we’ve been hearing over and over again. I can almost assume a Pavlovian response: I say illegal payments and falsified accounting and naturally your thoughts go not toward a legitimate criminal enterprise but a respectable bank. Sometimes they’re indistinguishable. This case involves a $130 million settlement fine levied on Deutsche Bank. The charges? Quite a few: alleged criminal schemes including bribery with a Saudi consultant, payments in the millions with no invoices to another consultant in Abu Dhabi, and a commodities fraud case involving metals traders in the US, Asia, and the UK, This is a stellar yet vulgar display of “diversification”; its portfolio of ill-gotten gains impressive. And banks wonder why the American people don’t trust them?
Deutsche Bank will pay $130 million to settle a foreign bribery probe and fraud charges in precious metals trading, US officials announced Friday.
The bribery case relates to illegal payments and to false reporting of those sums on the bank's books and records between 2009 and 2016, the Department of Justice said in a press release.
The bank "knowingly and wilfully" kept false records after employees conspired with a Saudi consultant to facilitate bribe payments of over $1 million to a decision maker, the DOJ said.
In another case, the bank paid more than $3 million "without invoices" to an Abu Dhabi consultant "who lacked qualifications... other than his family relationship with the client decision maker," the DOJ said.
In addition to criminal fines and payments of ill-gotten gains, Deutsche Bank agreed to cooperate with government investigators under a three-year deferred prosecution agreement.
In the commodities fraud case, Deutsche Bank metals traders in New York, Singapore and London between 2008 and 2013 placed fake trade orders to profit by deceiving other market participants, the DOJ said.
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