Defendant Name:
Deutsche Bank AG
Defendant Type:
Public Company
SIC Code:
6029
CUSIP:
D1819089
Document Reference:
34-90875
Document Details
Legal Case Name
In the Matter of Deutsche Bank AG
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
08-Jan-2021
Document Format
Administrative Proceeding
AAER
4201
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On January 8, 2021, the SEC instituted settled cease-and-desist proceedings against Deutsche Bank AG. The Commission stated "This matter concerns the improper use, from at least 2009 through 2016, by Deutsche Bank of third-party intermediaries, business development consultants, and finders (collectively "BDCs") to obtain and retain global business. Hundreds of BDCs were used during this timeframe, and their use was approved by past members of Deutsche Bank's senior management and various regional committees. Among those engaged were foreign officials, their relatives and associates in circumstances where bribery risks were neither assessed nor sufficient steps taken to mitigate bribery risks posed by such engagements . . . As a result of this conduct, Deutsche Bank violated the internal accounting control and books and records provisions of the Foreign Corrupt Practices Act of 1977. During this period approximately $7 million in payments to BDC's were improperly booked as legitimate expenses, and Deutsche Bank was unjustly enriched by approximately $35 million."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$35,145,619.00
Shared:
Pre-Judgment Interest
Individual:
$8,184,003.00
Shared:
Total Penalty
Individual:
$43,329,622.00
Shared:
