DB was fined $629m fined in January for $10bn worth of ‘mirror trades’:
DEUTSCHEBANK – The New York State Department of Financial …Jan 30, 2017 … The New York State Department of Financial Services [DFS] FINES DEUTSCHE BANK $425 MILLION FOR RUSSIAN MIRROR-TRADING … http://bit.ly/2mWQqP6
New York State Department of Financial Services (DFS) Archives …Jan 30, 2017 … Alongside The New York State Department of Financial Services [DFS] DEUTSCHE BANK $425 MILLION FINE the DFSA have also fined; Intesa Sanpaolo … http://bit.ly/2mWQqP6
DEUTSCHE BANK – The New York State Department of Financial …Jan 30, 2017 … The New York State Department of Financial Services [DFS] FINES DEUTSCHE BANK $425 MILLION FOR RUSSIAN MIRROR-TRADING SCHEME. The Bank … http://bit.ly/2msOj7Q
The discovery of these was possibly triggered when a bank in Cyprus—Hellenic Bank—reported “suspicious high-volume transactions” to Deutsche Bank in London in 2014.
The following CLASS ACTION COMPLAINT FOR VIOLATIONS OF FEDERAL SECURITIES LAWS reports that Hellenic sent two reminders but did not get a reply.
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK, PLAINTIFF
vs.
DEUTSCHE BANK AKTIENGESELLSCHAFT, STEFAN KRAUSE, JUERGEN FITSCHEN, ANSHUMAN JAIN, JOHN CRYAN, and MARCUS SCHENCK, DEFENDANTS.
First Clue
The first clue about the mirror-trade activity arrived in January 2014, the bank’s Inquiry found. Cyprus-based Hellenic Bank filed a request for assistance to Deutsche Bank’s London office, asking about “suspicious high-volume transactions” through the account of a U.K.-registered company called Ergoinvest LLP.
Hellenic sent at least two reminders to London before a response arrived, in March, from Deutsche Bank Moscow.
The equities office there — rather than its compliance or anti-money-laundering departments — vouched for the clients and the trades, the bank found.
While one part of Deutsche Bank was defending Ergoinvest, yet another was posing questions about it: An anti-financial-crime unit in New York flagged questionable activity by the company, directing its inquiries to Hellenic Bank.
The Cyprus bank, receiving conflicting signals about Ergoinvest, began asking the New York unit for clarification. It did not respond, the bank found.
Case 1:16-cv-03495-AT Document 1 Filed 05/10/16 Page 19 of 32 20 =
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