Deutsche Bank Convicted With Trader for Korea Stock Manipulation
- Employee gets five-year jail term for causing 2010 Market Rout
- Bank is fined for role in erasing $23 billion in share values
A red road traffic light stands illuminated as the logo of Deutsche Bank AG sits on the exterior of the bank's offices in Berlin, Germany, on Monday, Oct. 12, 2015. Deutsche Bank co-Chief Executive Officer John Cryan may eliminate a dividend that's stood since Germany's postwar reconstruction as he tries to overhaul the firm without asking shareholders for more capital.
Photographer: Krisztian Bocsi/BloombergDeutsche Bank AG’s South Korean brokerage unit and one of its employees were convicted of manipulating share prices in November 2010, triggering a one-day rout that wiped out 28 trillion won ($23 billion) in value from the nation’s equity market.
The 43-year-old banker was sentenced to a five-year jail term and his employer, Deutsche Securities Korea, fined 1.5 billion won, according to a ruling released Monday by Seoul Central District Court Judge Shim Gyu Hong. The employee wasn’t identified in court.