A former risk Manager at Deutsche Bank, Eric Ben-Artzi, who spoke to the Commission on securities and stock exchanges of the USA (SEC) about about the financial reports of the Bank during the crisis, refused, in protest, from $8,25 million in remuneration, the Financial Times reports.
Ben-Artzi believes that the Commission was inactive and did not punish the perpetrators. In his opinion, the penalty was to pay particular managers, not the shareholders of the Bank. Based on information provided by Ben-Artzi and senior trader Matthew Simmons, the SEC conducted an inspection, found irregularities and ordered Deutsche Bank to pay $55 million fine.
As a reward for the information, the SEC decided to pay Ben-Artzi and Simmons $16.5 million for two. This award has become the third largest in the entire history of such cases, clarifies the issue. According to Ben-Artzi, largely to the impunity of the leadership of Deutsche Bank cited the fact that leading lawyers of the SEC has taken the last Bank in high positions.
In 2015 the pre-trial agreement ended in another case that British and American regulators were against Deutsche Bank. It concerned the manipulation of interbank rates, primarily the British LIBOR. The Bank agreed to pay a total of $2.5 billion fine. Traders at Deutsche Bank in collusion with the employees of other major banks was filed by the British regulator distorted information about the loans in the interbank market, thereby artificially understating or overstating the General rate.
In 2015, the Deutsche Bank started the reform to simplify the corporate structure and to better fulfil customer requests and requirements of regulators”. She was accompanied by a change of leadership. The reason for the restructuring, analysts say called for criminal investigation of the growing mistrust of clients and a hole in the capital because of the billions of dollars of fines.