Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Xetra  >  Deutsche Bank AG    DBK   DE0005140008

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Deutsche Bank AG : Ex-Deutsche Bank banker gets 3-1/2 yrs prison in tax fraud

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/22/2013 | 04:42pm EST

A federal judge in New York on Friday sentenced a former Deutsche Bank AG banker to 3-1/2 years in prison and to pay more than $100 million in restitution for his role in helping clients hide money in fraudulent tax shelters.

David Parse, 51, had been convicted in 2011 of mail fraud and obstruction charges, while being acquitted on conspiracy and tax evasion charges.

Prosecutors said that from 1994 through 2004, Parse, who was a certified public accountant, and others defrauded the IRS by designing and marketing bogus tax shelters.

They said Parse earned more than $3 million by steering clients to the shelters, and engineering transactions to keep their money out of the government's hands.

"I have tried to live my life...in a proper manner," Parse said before he was sentenced. "I regret not seeing things for what they truly were."

The sentence includes three years of supervised release, and was imposed by U.S. District Judge William Pauley in Manhattan. Pauley also ordered Parse to forfeit $1 million.

"Unfortunately, it was your selfishness that brought you here today," Pauley told Parse. "What were you thinking? Undoubtedly you thought you'd never get caught."

Parse had been an investment representative at Deutsche Bank Alex. Brown's Chicago office from 1995 through April 2006, according to the government's sentencing memorandum.

Paul Shechtman, a lawyer for Parse, said his client plans to appeal.

Prosecutors had sought an eight-year prison term, the same sentence imposed earlier this month on Donna Guerin, a former partner at now-defunct law firm Jenkins & Gilchrist, who pleaded guilty in September to conspiracy and tax evasion charges stemming from her role as a marketer and implementer of tax shelters. She was also ordered to pay $190 million in restitution.

Parse had sought no prison time, citing his alleged limited role in the scheme.

The case was part of what prosecutors have called "the largest criminal tax fraud in history," resulting in more than $7 billion of fraudulent tax deductions or benefits.

"David Parse used his professional acumen to help his wealthy clients make an end-run around the IRS, depriving the treasury of billions in tax revenue," Preet Bharara, the U.S. Attorney for the Southern District of New York, said in a statement. "And for his role in this sprawling and massive fraud, he is now paying the price."

Paul Daugerdas, a former colleague of Guerin's at Jenkins & Gilchrist, and former BDO Seidman accounting firm chief executive Denis Field, were found guilty for their roles in the scheme in 2011.

But last June, Pauley ordered a retrial for Daugerdas, Field and Guerin after he found that a juror had lied during jury selection.

Guerin avoided trial after pleading guilty, while Daugerdas and Field await retrial. A fifth defendant was acquitted at the first trial.

The case is U.S. v. Daugerdas et al, U.S. District Court, Southern District of New York, No. 09-00581.

For Parse: Paul Schechtman of Zuckerman Spaeder.

For the government: Nanette Louise David, U.S. Attorney's Office, Southern District of New York.

(Reporting By Bernard Vaughan; Editing by Kenneth Barry)

By Bernard Vaughan

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on DEUTSCHE BANK AG
01/13DJDEUTSCHE BANK : Bans Widely Used Text-Messaging Programs for Business Use
01/13 OUTLOOK ON THE GERMAN HOUSING MARKET : Prices and rents in Berlin, Düsseldorf, F..
01/12 DEUTSCHE BANK : Argentina clinches $6 billion loan deal with 6 banks
01/12 VISTEON : to Present at Deutsche Bank's 2017 Global Auto Industry Conference on ..
01/12 FROM RHETORIC INTO REALITY – W : 10 themes for 2017
01/12 DEUTSCHE BANK : scoops top spot as best trade finance provider globally
01/12 DEUTSCHE BANK : Asset Management Names David Bianco as Chief Investment Strategi..
01/11 UK banks' share of corporate currency business dips
01/11DJEx-Deutsche Bankers to Advise SoftBank's $100 Billion Vision Fund
01/11DJDEUTSCHE BANK : The Trader Behind SoftBank's Big Fund -- WSJ
More news
Sector news : Banks - NEC
07:13aDJStocks Lower as British Pound Suffers Brexit Jitters -- 2nd Update
06:01aDJMalaysia's Felda Seeks to Raise Up to $63.1 Million via Maybank Share Sale --..
05:31a Thai SCB, China Minsheng to lend $210 million to Canadian Solar
02:49a Indonesian tycoon Tahir seeks Bank Permata starting with StanChart stake
02:11aDJSKANDINAVISKA ENSKILDA BANKEN : SEB Chief Executive to Leave This Year
More sector news : Banks - NEC
News from SeekingAlpha
08:32a CHART OF THE DAY : JPMorgan Dominates Big Bank Stocks
01/11 After Hours Gainers / Losers
01/08 UBS GROUP : A Light In The European Financial Markets
01/06 5 Global Hot Spots In 2017
01/05 When You Buy An ETN, You Are Lending Money To A Bank
Advertisement
Financials (€)
Sales 2016 29 825 M
EBIT 2016 990 M
Net income 2016 -898 M
Debt 2016 -
Yield 2016 -
P/E ratio 2016 -
P/E ratio 2017 20,04
Capi. / Sales 2016 0,84x
Capi. / Sales 2017 0,84x
Capitalization 25 027 M
More Financials
Chart DEUTSCHE BANK AG
Duration : Period :
Deutsche Bank AG Technical Analysis Chart | DBK | DE0005140008 | 4-Traders
Full-screen chart
Technical analysis trends DEUTSCHE BANK AG
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 33
Average target price 15,2 €
Spread / Average Target -16%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
John Cryan Chief Executive Officer
Paul Achleitner Chairman-Supervisory Board
Kimberly L. Hammonds Chief Operating Officer
Marcus Schenck Chief Financial Officer
Pascal Boillat Chief Information Officer & Head-Operations
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
DEUTSCHE BANK AG5.19%26 628
JPMORGAN CHASE & CO.0.48%310 236
WELLS FARGO & CO0.36%277 784
BANK OF AMERICA CORP4.12%232 517
INDUSTRIAL AND COML BA..1.81%228 803
CHINA CONSTRUCTION BAN..1.84%189 457
More Results