Deutsche Bank agrees to payout for Epstein dealings

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"1">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>Deutsche Bank has agreed to pay 150 million dollars &lpar;£119 million&rpar; to settle claims it broke compliance rules in its dealings with the late sex offender Jeffrey Epstein&comma; New York state has announced&period;<&sol;p>&NewLine;<p>The penalty was announced in a release by Superintendent of Financial Services Linda A Lacewell&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Despite knowing Mr Epstein’s terrible criminal history&comma; the Bank inexcusably failed to detect or prevent millions of dollars of suspicious transactions&comma;” Ms Lacewell said&period;<&sol;p>&NewLine;<p>According to the release&comma; the agreement marked the first enforcement action by a regulator against a financial institution for dealings with the financier&period;<&sol;p>&NewLine;<p>Epstein killed himself last August in a Manhattan federal jail while awaiting trial on sex trafficking charges&period;<&sol;p>&NewLine;<p>His ex-girlfriend&comma; British socialite Ghislaine Maxwell&comma; was arrested last week and brought to New York City to face charges she recruited girls for Epstein to sexually abuse in the 1990s&period; In civil lawsuits&comma; she has denied involvement&period; Her Manhattan federal court arraignment is likely next week&period;<&sol;p>&NewLine;<p>In a statement&comma; the German bank said the settlement with New York state &OpenCurlyDoubleQuote;reflects our unreserved and transparent co-operation with our regulator”&period;<&sol;p>&NewLine;<p>The bank said it had invested almost 1 billion dollars to improve its training and controls and had boosted its staff overseeing the work to more than 1&comma;500 employees &OpenCurlyDoubleQuote;to continue enhancing our anti-financial crime capabilities”&period;<&sol;p>&NewLine;<p>In a statement&comma; New York governor Andrew Cuomo said the bank failed to prevent millions of dollars in suspicious transactions&period;<&sol;p>&NewLine;<p>Ms Lacewell said the bank failed to properly monitor Epstein’s account activity despite publicly available information about Epstein’s crimes&period;<&sol;p>&NewLine;<p>The financier with US residences in Manhattan&comma; Florida and New Mexico&comma; along with homes in Paris and the Virgin Islands&comma; had pleaded guilty to criminal sex abuse charges in Florida over a decade ago and was a registered sex offender before his July 2019 arrest on federal sex crime charges&period;<&sol;p>&NewLine;<p>Ms Lacewell said the bank processed hundreds of transactions totalling millions of dollars that&comma; &OpenCurlyDoubleQuote;at the very least&comma; should have prompted additional scrutiny in light of Mr Epstein’s history”&period;<&sol;p>&NewLine;<p>She said some payments that should have drawn scrutiny included money paid to people publicly alleged to have been Mr Epstein’s co-conspirators in sexually abusing young women&semi; settlement payments totalling more than 7 million dollars &lpar;£5&period;5 million&rpar; and more than 6 million dollars &lpar;£4&period;75 million&rpar; in legal fees for Epstein and co-conspirators&period;<&sol;p>&NewLine;<p>Other payments went to Russian models and transactions for women’s school tuition&comma; hotel and rent expenses&comma; she said&comma; along with suspicious cash withdrawals totalling more than 800&comma;000 dollars &lpar;£636&comma;000&rpar; in a four-year stretch&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68ed1214b4fef">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; function &lpar;&rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; false &equals;&equals;&equals; &lpar; window&period;isWatlV1 &quest;&quest; false &rpar; &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&sol;&sol; Use Aditude scripts&period;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings &equals; window&period;tudeMappings &vert;&vert; &lbrack;&rsqb;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings&period;push&lpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;divId&colon; 'atatags-dynamic-belowpost-68ed1214b4fef'&comma;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;format&colon; 'belowpost'&comma;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub; &rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; document&period;readyState &equals;&equals;&equals; 'loading' &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;document&period;addEventListener&lpar; 'DOMContentLoaded'&comma; window&period;getAdSnippetCallback &rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub; else &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback&lpar;&rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<&sol;script>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>


Discover more from London Glossy Post

Subscribe to get the latest posts sent to your email.

- Advertisement -
Exit mobile version