Who owns deutsche bank

Clients of the scheme consistently lost small amounts of money: the differences between Moscow and London prices of a stock often worked against them, and clients had to pay Deutsche Bank a commission for every transaction—between ten hundredths and fifteen hundredths of a percentage point per trade. Wiswell, Buznik, and Maksutova also knew that there was a common interest among the counterparties, because many of them were represented by Volkov.

But even Deutsche Bank employees who did not work on the desk could have concluded, after a cursory examination, how closely aligned the funds were. Another British mirror-trades entity, ErgoInvest, was registered in the same office in Hertfordshire where Chadborg was registered.

Westminster Capital Management, meanwhile, was bought in by a man named Andrey Gorbatov. Clients of mirror trades told me that the same people who established Westminster also established one of the other counterparties: Cherryfield Management, in the British Virgin Islands. The counterparties were not owned by Russian oligarchs. They were brokerages run by Russian middlemen who took commissions for initiating mirror trades on behalf of rich people and businesses eager to send their money offshore.

A businessman who wanted to expatriate money in this way would invest in a Russian fund like Westminster, which would then use mirror trades to move that money into an offshore fund like Cherryfield.

In , when controls were lax, the fee was 0. In , when sanctions were strong, and Putin was determined to retain as much wealth as he could in Russia, the fee rose to more than five per cent. Crucially, the footprint of individual mirror trades was small.

Mirror trades never exceeded twenty million dollars a day, and were normally in the region of ten million dollars. Whose fortunes were being hidden? He told me that mirror trading was not a new scheme.

It was invented, in the late aughts, by other banks in Russia, to help importers avoid heavy taxes on their products. The scam was ingeniously simple. A Russian importer would claim on his invoices that he had bought, say, ten rubber ducks rather than the true figure of ten thousand rubber ducks, in order to pay tax on only ten rubber ducks.

Of course, the importer still needed to pay his supplier overseas for the remaining rubber ducks. He did this by expatriating money using mirror trades. Instead of paying a large tax to the Russian treasury, the importer paid a much smaller fee to money launderers. The broker found it hard to believe that the wealthiest Russians, such as the Rotenberg brothers, would have used mirror trades.

Another Russian banker, who helped to set up the mirror-trade scheme, told me that much of the money belonged to Chechens with connections to the Kremlin. Chechnya, the semi-autonomous region in the North Caucasus, is ruled by the exuberantly barbarous Ramzan Kadyrov, who is close with Putin. Chechnya receives huge subsidies from Russia, and much of the money has ended up in the pockets of figures close to Kadyrov.

The Deutsche Bank mirror-trades operation appears to be linked to an even bigger attempt to expatriate money: the so-called Moldovan scheme.

Starting in , fake loans and debt agreements involving U. When the Moldovan scheme unravelled, in late , several people were arrested. One was Alexander Grigoriev, a Russian financier who controlled Promsberbank—a now defunct institution, based in a Russian backwater called Podolsk, which counted Igor Putin as a board member. Deutsche Bank has not commented on whose money was expatriated through the mirror trades, although John Cryan, the C.

However, the case raises questions about how effective our systems and controls were, especially with regard to the onboarding of new clients, an area where we experienced difficulties in collecting sufficient information. This passive language is hard to square with the blatant nature of the scheme. He had just argued with executives at a board meeting. Mirror trades occurred for at least two years before anyone raised any concerns, and when red flags appeared it was months before anyone acted on them.

According to Bloomberg News, the internal report notes that, in early , a series of inquiries about the propriety of mirror trades had been logged by multiple parties, including Hellenic Bank, in Cyprus, the Russian Central Bank, and back-office staff members at Deutsche Bank itself. When Hellenic Bank executives contacted Deutsche Bank and asked about the unusual trades, they did not hear back from the compliance department.

Instead, their inquiry was fielded by the equities desk that was performing the mirror trades. Deutsche Bank in Moscow reassured Hellenic Bank that everything was in order. Tim Wiswell, the head of the equities desk, was known to his colleagues as Wiz. He grew up in Essex, Connecticut. He has strong connections to Russia. His father, George C. Wiswell III, worked for many years in the oil-and-gas sector in Moscow. Tim spent a year of high school there.

Wiswell graduated from Colby College, in Maine, in In his mid-twenties, he arrived in Moscow. He already spoke Russian. His first job was at Alfa-Bank, the private bank of Mikhail Fridman, the second-wealthiest man in Russia. When a salaried position did not materialize, he moved to a junior position in equities at United Financial Group, the Russian investment bank co-founded by Charlie Ryan, an American pioneer in post-Soviet Russian finance.

In , U. Within a few years, Wiswell had become the head of the Russian equities desk. Colleagues at U. Many young Americans were drawn to Moscow banks in the aughts. Will Hammond, an American who worked with Wiswell at U.

It was a very aggressive sales mentality, which was going on across the board across all the Russian banks. In America, the tactic would be considered insider trading. Insider trading did not become illegal in Russia until Many mirror trades were also over-the-counter. The former colleague recalls occasions in which Lanturno lost money on a trade, either by buying too high or selling too low.

The next morning, however, bank records would indicate that Lanturno had not lost money on the trade. When challenged by colleagues, Wiswell would say that he had altered the entries for Lanturno to rectify an error made on his part. The sums involved were small and easily ignored—the reversed losses were between ten and twenty thousand dollars. Two photographs on Facebook show that the men also went skiing together. Former employees recall trades being amended regularly.

Recently, I received a photocopied trade blotter from a source within Deutsche Bank. According to colleagues, when Wiswell was confronted about the transactions he said that they had been approved by superiors. When presented with company documents from Cyprus showing that Lynch owned all the shares in Gigalogic between and , the representative declined further comment.

For Maksutova and Buznik, at least, there was no obvious financial benefit to performing mirror trades: the extra volume did not affect their bonuses.

Many at Deutsche Bank, however, believe that Wiswell profited personally from the scheme. In August, , shortly after Wiswell was suspended from Deutsche Bank, he was fired. He initiated a wrongful-dismissal suit.

The court hearings, in Moscow, were open to the press. Wiswell lost the suit. Its Corporate Bank segment provides cash management, trade finance and lending, trust and agency, and securities services, as well as risk management solutions.

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