Fraud in the news

Deutsche Bank’s “referral fees,” China’s corruption death sentence and more



Deutsche Bank’s ‘referral fees’ actually bribes

For nearly seven years, Deutsche Bank paid millions of dollars to consultants in countries like Saudi Arabia, the United Arab Emirates, Italy and China in what authorities are calling bribes to politically connected fixers to gain access to foreign officials. Deutsche Bank often listed these bribes as “referral fees” in the bank’s records. (See Deutsche Bank Will Pay $125 Million Over Bribery Violations, by Matthew Goldstein and David Enrich, The New York Times, Jan. 8.)

According to the article, the U.S. Justice Department and the U.S. Securities Exchange Commission (SEC) found in an investigation that Deutsche Bank had made about $7 million in improper payments to foreign fixers between 2009 and 2016, earning about $35 million from the resulting deals.


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