Deutsche Bank Whistleblowers In The News
In a recent interview with The American Lawyer, Sean McKessey, Chief of the SEC’s Office of the Whistleblower since February 2011, cautioned employers about dissuading potential whistleblowers from complaining to the SEC…
By Martin Hesse and Thomas Schulz, December 11, 2012
One of the specialties of reknowned New York law firm of Labaton Sucharow is representing whistleblowers from the financial world: bankers wanting to expose the dubious or illegal practices of their employers.
By Simon Nixon, December 7, 2012
By Edward Taylor and Arno Shuetze, December 7, 2012
Deutsche Bank’s (DBKGn.DE) directors will question the management board over claims the lender failed to recognize billions of euros in unrealized losses during the financial crisis, two sources said. Continue Reading
By M.C.K., December 6, 2012
… But there is another, darker, reason why investors have been taking such a dim view of banks: they worry that the banks’ accounts are not accurate. In other words, they believe that the book value of many banks is too high… Continue Reading
By John Gapper, December 6, 2012
The Deutsche Bank case, in which three whistleblowers have accused the bank of hiding up to $12bn in derivatives losses during the financial crisis, is complex, confusing and opaque. But the underlying principle is simple and important. Continue Reading
Financial Times: Whistleblower Awaits Ruling On Deutsche Case
By Kara Scannell, December 6, 2012
In was on Friday November 4 last year that Eric Ben-Artzi, a vice-president in market risk management at Deutsche Bank, finally decided to file a whistleblower complaint… Continue Reading
Corporate Counsel: SEC Whistleblower Goes Public with Deutsche Bank Allegations
By Sue Reisinger, December 7, 2012
“When Ben-Artzi first consulted with me, I was shocked by the size and scope of the alleged misconduct,” said Thomas, a former SEC assistant director and chair of the firm’s whistleblower representation practice “This is exactly the type of significant and unreported securities violations that the SEC Whistleblower Program was intended to address. It is one of many high-profile matters in the pipeline.” Continue Reading
By Patrick Jenkins and Daniel Schäfer in London and James Wilson in Frankfurt, December 6, 2012
German regulators were briefed about Deutsche Bank’s valuation of a clutch of complex derivatives now under investigation by the Securities and Exchange Commission. Continue Reading
Financial Times (Editorial): Minding the gap at Deutsche Bank
December 6, 2012
By Tom Braithwaite, Michael Mackenzie and Kara Scannell, December 6, 2012
Josef Ackermann was bullish. Even as the global financial industry was reeling, the Deutsche Bank chief executive began 2009 by boldly declaring that his bank had plenty of capital and would return to profit that year. Continue Reading
By Tom Braithwaite, Kara Scannell and Michael Mackenzie, December 6, 2012
Deutsche Bank failed to recognise up to $12bn of paper losses during the financial crisis, helping the bank avoid a government bail-out, three former bank employees have alleged in complaints to US regulators. Continue Reading
Filing Whistleblower Claims
For information about how to file whistleblower claims with the SEC, CFTC, IRS and DOJ, see here.
This page provides employees with resources to file whistleblower claims with the Securities Exchange Commission, Commodity Futures Trading Commission, Internal Revenue Service and Department of Justice.
Government Accountability Project (www.BankWhistleBlower.og). GAP’s Corporate & Financial Accountability program aims to hold businesses accountable by defending whistleblowers from within companies, publicizing wrongdoing and threats to the public welfare, and advocating for the reform of organization policies and legal protections.
New Financial Incentives. Under Dodd-Frank, the SEC and CFTC are authorized to provide monetary awards to eligible individuals who come forward with high-quality original information that leads to an enforcement action in which over $1,000,000 in sanctions is ordered. The range for awards is between 10% and 30% of the money collected.
Please let us know if you have any questions or ideas. You can also submit anonymous whistleblower tips to Deutsche Bank Risk Alert here.
SEC Office of the Whistleblower
The SEC Office of the Whistleblower was created by Congress to provide monetary incentives for individuals to come forward and report possible violations of the federal securities laws to the SEC.
Learn more about the SEC Office of the Whistleblower: http://www.sec.gov/whistleblower
Submit a tip to the SEC Office of the Whistleblower: http://www.sec.gov/about/offices/owb/owb-tips.shtml
Find a lawyer via the SEC Office of Investor Education and Advocacy: http://www.sec.gov/answers/lawref.htm
Final SEC Whistleblower Rules under Dodd-Frank: http://www.sec.gov/about/offices/owb/reg-21f.pdf
CFTC Whistleblower Program
If you have information about violations related to commodities, futures, derivatives or similar products, including all violations of the Commodity Exchange Act, you may be eligible for the CFTC whistleblower program.
CFTC Whistleblower Program: http://www.cftc.gov/LawRegulation/DoddFrankAct/Rulemakings/DF_25_Whistleblowers/index.htm
Submit a tip to the CFTC Whistleblower Program via mail or fax: http://www.cftc.gov/ucm/groups/public/@cpdisciplinaryhistory/documents/file/cftc_form_tcr.pdf
CFTC Whistleblower Fact Sheet: http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/wb_factsheet_final.pdf
Final Dodd-Frank CFTC Whistleblower Rules: http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-20423a.pdf
IRS Whistleblower Office
The IRS Whistleblower Office pays money to people who blow the whistle on persons who fail to pay the tax that they owe. If the IRS uses information provided by the whistleblower, it can award the whistleblower up to 30 percent of the additional tax, penalty and other amounts it collects.
How to file an IRS whistleblower claim: http://www.irs.gov/compliance/article/0,,id=181292,00.html
Brief synopsis of IRS whistleblower laws: http://www.irs.gov/compliance/article/0,,id=181293,00.html
Department of Justice Whistleblower Laws
The Department of Justice enforces the False Claims Act, another major whistleblower law.
Information on the False Claims Act: http://www.justice.gov/civil/docs_forms/C-FRAUDS_FCA_Primer.pdf