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
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 CEST
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
06:18p European stocks hold firm as banks, Spanish shares fall
09:35a DEUTSCHE BANK : hires Asia tech investment banking head from StanC
10/20 Factbox - Impact on banks from Britain's vote to leave the EU
10/19 DEUTSCHE BANK : KunstHalle Presents the Pioneering Modernist Fahrelnissa Zeid
10/18 DEUTSCHE BANK : asks lenders to pitch for float of asset management business
10/17 DEUTSCHE BANK : asks banks to pitch for asset management IPO - sources
10/17 LSE chief says shift in euro clearing would bump up costs
10/17 DEUTSCHE BANK : Libor Payouts Will Never End But On The Bright Side Banks Hardly..
10/16 DEUTSCHE BANK : QuisLex COO Sirisha Gummaregula to Moderate Panel on Use of Arti..
10/16 DEUTSCHE BANK : Innovation and renovation - the India opportunity
More news
News from SeekingAlpha
10/17 My Bet? Canadian Banks
10/13 Deutsche Bank, Citi, HSBC agree to $132M settlement in Libor scandal
10/12 IFRS9 : What Banks shareholders should know
10/11 BANK OF AMERICA : What Divisions Need To Outperform To Drive Earnings Higher
10/09 Citigroup's CFO Talks Buybacks, Dividends And Trading Revenue
Financials (€)
Sales 2017 28 144 M
EBIT 2017 3 961 M
Net income 2017 1 211 M
Debt 2017 -
Yield 2017 0,86%
P/E ratio 2017 17,93
P/E ratio 2018 10,51
Capi. / Sales 2017 1,06x
Capi. / Sales 2018 1,02x
Capitalization 29 762 M
Chart DEUTSCHE BANK
Duration : Period :
Deutsche Bank Technical Analysis Chart | DBK | DE0005140008 | 4-Traders
Technical analysis trends DEUTSCHE BANK
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 30
Average target price 14,8 €
Spread / Average Target 3,1%
EPS Revisions
Managers
NameTitle
John Cryan Chief Executive Officer
Christian Sewing Co-President & Co-Head-Private Bank
Marcus Schenck Co-President & Co-Head-Investment Bank
Paul Achleitner Chairman-Supervisory Board
Kimberly L. Hammonds Chief Operations Officer
Sector and Competitors
1st jan.Capitalization (M$)
DEUTSCHE BANK-6.53%35 068
JP MORGAN CHASE & COMPANY15.32%350 172
INDUSTRIAL AND COMMRCL BANK OF CHINA LTD41.50%324 236
BANK OF AMERICA22.94%286 659
WELLS FARGO-0.34%270 639
CHINA CONSTRUCTION BANK CORPORATION34.01%239 293