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Deutsche Bank Whistle-Blower Spurns $8 Million SEC Reward

  • Eric Ben-Artzi complains that top executives went unpunished
  • Former Deutsche Bank risk officer writes opinion piece in FT
Bloomberg business news

Deutsche Bank Whistle-Blower Spurns $8 Million Reward

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A former Deutsche Bank AG risk officer said he was refusing an $8.25 million reward from the Securities and Exchange Commission for blowing the whistle on the lender overvaluing a derivatives portfolio, because of his concern that the SEC didn’t go after senior executives.

The $55 million fine that Deutsche Bank paid in a settlement announced by the SEC in May last year had penalized shareholders, while top executives retired with their multi-million dollar bonuses intact, Eric Ben-Artzi wrote in a Financial Times column published Friday.