Deutsche Bank relationship: Financial documents from November release

THE FINANCIAL DOCS ARE INSANE. Deutsche Bank maintained accounts for JE from 2013-2019, AFTER the 2008 conviction. Some highlights: - Over $40 million in unexplained cash withdrawals - Wire transfers to shell companies in multiple jurisdictions - Internal compliance flags that were ignored Deutsche Bank paid $150 million settlement in 2020 for compliance failures related to this relationship. I'm creating a spreadsheet tracking all the financial entities mentioned. Will share when complete. Document batch: HOUSE_OVERSIGHT_028001 through HOUSE_OVERSIGHT_028089

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u/JustTheFacts2mo ago

Deutsche Bank keeping him as a client after 2008 is mind-blowing. Their compliance department just... ignored it?

u/DeepDiveAnon2mo ago

There were internal flags. The November documents show compliance officers raised concerns multiple times. They were overruled by relationship managers.

u/FollowTheMoney2mo ago

Looking at the wire transfer patterns. Money went to entities in Delaware, Nevada, USVI, and offshore jurisdictions. Classic layering technique.

u/LegalEagle992mo ago

$150 million settlement for a bank that size is basically a parking ticket. No individuals were charged.

u/NewHereWTF2mo ago

Can someone explain shell companies to me? I keep seeing this term but don't understand how they work.

u/LegalEagle992mo ago

A shell company is a business entity that has no active operations or significant assets. They're often used to hold assets, move money between jurisdictions, or obscure ownership. In this case, there were dozens of LLCs that existed only on paper, receiving and sending wire transfers with no apparent business purpose.