The national securities law firm, Levin Law, P.A. (“Levin Law”) is currently investigating losses related to the trading of precious metals between the years of 2008 and 2017. Deutsche Bank AG (“Deutsche Bank”) has recently agreed to an over $130 million settlement for violating the Foreign Corrupt Practices Act (FCPA) and a commodities fraud scheme involving publicly-traded precious metals futures contracts.
According to the Department of Justice (DOJ), the $130 million settlement was part of a coordinated resolution between the DOJ and the U.S. Securities & Exchange Commission (SEC). The investigation yielded allegations that the financial institution attempted to conceal corrupt payments and bribes to third-party intermediaries.
Records indicate that the bank, headquartered in Frankfurt, Germany, “falsified books and records to conceal corrupt and improper payments.” Additionally, Deutsche Bank attempted to manipulate financial markets related to precious metals futures through fraud.
Deutsche Bank ultimately agreed to a three-year deferred prosecution agreement in order to avoid having to plead guilty. The allegations of serious misconduct include that the bank engaged in a “seven-year course of conduct, during which it failed to implement a system of internal accounting controls,” made an effort to conceal corrupt payments and bribes, sought to manipulate markets across multiple continents, and conspiracy to commit wire fraud.
The $130 million settlement agreement includes criminal penalties of over $85 million, criminal disgorgement of more than $680,000, and victim compensation in excess of $1.2 million. The separate investigation into a commodities fraud scheme conducted by the SEC resulted in the bank being required to pay restitution of over $43 million.
If you traded precious metals such as gold or silver between the years 2008 and 2017, please contact Levin Law, P.A. to discuss your possible losses as a result of Deutsche Bank’s misconduct.
Call Levin Law managing partner Brian Levin directly at (305) 402-9050 or email firstname.lastname@example.org for a free case evaluation. Most cases are accepted on a contingency-fee basis, meaning you are not responsible for Levin Law’s attorney fees unless money is recovered on your behalf.
Levin Law is a premier national securities, futures, commodities, and class action law firm. Brian Levin, Levin Law’s founding attorney, has helped recover over $100,000,000 through arbitration and litigation for individual and institutional investors, as well as professional traders throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.