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    DBK   DE0005140008

DEUTSCHE BANK (DBK)
Mes dernières consult.
Most popular
Report
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 | 10:42pm CET
The logo of Germany's largest business bank, Deutsche Bank, is illuminated at the bank's original headquarters in Frankfurt

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
01/22 Mobile FX trading taking off even with banks' reticence - survey
01/22 DEUTSCHE BANK : Why banks matter
01/22 DEUTSCHE BANK : signs bancassurance pact with Friendsurance
01/21 REPORT : Deutsche Bank looking at Kushner over suspicious money transfers
01/19 BONUS WATCH ’18 : You Are All Deutsche Bankers Now
01/19 Geely Auto (00175) to issue US$300m bonds
01/19 London finance chief sees fewer jobs shifting because of Brexit
01/19 DEUTSCHE BANK LOOKING AT 'SUSPICIOUS : report
01/18 UNICREDIT : CEO says has long-term commitment to bank
01/18 DEUTSCHE BANK : CEO says overhaul will take time
More news
News from SeekingAlpha
01/19 The Implosion Of Public Markets
01/16 Barclays Is Now A Value Play
01/16 WALL STREET BREAKFAST : More Records In Store For Equities
01/16 Banks accused of rigging Canadian rate benchmark
01/08 What's Going On With Deutsche Bank's Tax Hit?
Financials (€)
Sales 2017 27 226 M
EBIT 2017 3 737 M
Net income 2017 721 M
Debt 2017 -
Yield 2017 0,74%
P/E ratio 2017 41,63
P/E ratio 2018 13,58
Capi. / Sales 2017 1,16x
Capi. / Sales 2018 1,11x
Capitalization 31 692 M
Chart DEUTSCHE BANK
Duration : Period :
Deutsche Bank Technical Analysis Chart | DBK | DE0005140008 | 4-Traders
Technical analysis trends DEUTSCHE BANK
Short TermMid-TermLong Term
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 29
Average target price 14,5 €
Spread / Average Target -5,5%
EPS Revisions
Managers
NameTitle
John Cryan Chief Executive Officer
Christian Sewing Co-President & Co-Head-Private Bank
Marcus Schenck Co-President & Co-Head-Investment Bank
Paul Achleitner Chairman-Supervisory Board
Kimberly L. Hammonds Chief Operations Officer
Sector and Competitors
1st jan.Capitalization (M$)
DEUTSCHE BANK-3.41%38 726
JP MORGAN CHASE & COMPANY5.68%392 114
INDUSTRIAL AND COMMERCIAL BANK OF CHINA14.84%380 064
BANK OF AMERICA7.45%330 859
WELLS FARGO5.85%316 468
CHINA CONSTRUCTION BANK CORPORATION18.36%290 648