Log in
Welcome to the 

Ukrainian American Bar Association

DEUTSCHE BANK’S $10-BILLION SCANDAL;How a scheme to help Russians secretly funnel money offshore unravelled.

23 Aug 2016 11:34 AM | Myroslaw Smorodsky (Administrator)

DEUTSCHE BANK’S $10-BILLION SCANDAL
How a scheme to help Russians secretly funnel money offshore unravelled
.

The New Yorker Magazine

Almost every weekday between the fall of 2011 and early 2015, a Russian broker named Igor Volkov called the equities desk of Deutsche Bank’s Moscow headquarters. Volkov would speak to a sales trader—often, a young woman named Dina Maksutova—and ask her to place two trades simultaneously. In one, he would use Russian rubles to buy a blue-chip Russian stock, such as Lukoil, for a Russian company that he represented. Usually, the order was for about ten million dollars’ worth of the stock. In the second trade, Volkov—acting on behalf of a different company, which typically was registered in an offshore territory, such as the British Virgin Islands—would sell the same Russian stock, in the same quantity, in London, in exchange for dollars, pounds, or euros. Both the Russian company and the offshore company had the same owner. Deutsche Bank was helping the client to buy and sell to himself Read More

Powered by Wild Apricot Membership Software