It covers grievances to his employer. The reward but he does not want.
One has already experienced with bankers. But that someone refuses a million figure? The former German bank employees Eric Ben-Artzi did that
In 2011, he had reported a suspicion of the US Securities and Exchange Commission. The German bank concealing with accounting tricks heavy losses. In fact, the SEC has convicted the largest German money house in 2015, therefore a million penalty. In the US such leniency applicant will be rewarded. Ben-Artzi stood at about 15 percent of the penalty for his information. The SEC wanted him $ 8.25 million now give
“I take my share not to “, the banker wrote a commentary of the Financial Times on Friday. He says: The German bank and its employees, who currently droves lose their jobs, are the victims. “Although I now more than ever need the money, I will not plunder the people, to protect them I was once hired.” The reward should flow to the German bank.
It was after the first few weeks of his employment in 2010, as some balances the mathematician came weird before. It was about derivatives worth 130 billion dollars. These highly complex securities have always been difficult to evaluate.
The risk expert Ben-Artzi said the German bank had the derivatives 2008/2009 classified as to ensure to to avoid losses. At that time the worst of the global financial crisis. Many banks threatened with bankruptcy. Each additional loss was dangerous. Ben-Artzi reported the supervisor his suspicions. But the would have none. Then Ben-Artzi 2011
turned to the US financial SEC. The case caused quite a stir. The officers took the matter seriously, the Deutsche Bank 2015 grumbled but a relatively small penalty of 55 million dollars on
Ben-Artzi would now like to set an example. Against the former top managers of Deutsche Bank and the Financial SEC, which has precipitated his opinion, a much too lenient sentence. Top managers have left the German bank with millions of bonuses that were based on false balance sheets. They are only remained unmolested, believes Ben-Artzi because senior lawyers were repeatedly changed by Deutsche Bank to SEC and vice versa – during the investigation went. Ben-Artzi writes of a “revolving door”
SEC manager Andrew Ceresney, the accusations. The authorities have brought any infringements to the indictment, as far as they were to prove. The German bank had failed by “inadequate internal accounting controls” against the US laws. The SEC introduced in 2015 states that the German bank had overstated the value of its derivatives portfolio during the financial crisis by 1.5 billion dollars. The supervisory saw neither individual mistakes of German bank employees, or deception.
Ben-Artzi is a whistleblower. So people are called that report a internal grievance to the competent authorities or otherwise make public. The SEC in 2011 specially a whistleblower program decided to, with payment of a reward to motivate people to perform their watchdog role.
These courageous people, however, are then often ostracized, even if the industry has a good have proven service. Ben-Artzi says the case had destroyed his Wall Street career. He now works in a financial analysis company, after years at Goldman Sachs, Citigroup and most recently at Deutsche Bank. On one condition he accepted the money, writes Ben-Artzi: If the supervision is the reward of the former managers of Deutsche Bank hole