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Whistleblower News: Kobe Steel, Deutsche Bank, CFTC

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Tokyo Prosecutors Indict Kobe Steel Over Data Falsification

The company was indicted on suspicion of breaching Japan’s unfair competition law in connection with falsified inspection reports for the year through September 2017, the Tokyo District Public Prosecutors Office said Thursday in a statement.

Kobe Steel admitted in October that employees misrepresented the strength and durability of parts shipped to hundreds of customers, including Toyota Motor Corp. and Boeing Co., sparking similar revelations from materials suppliers including Mitsubishi Materials Corp. and Toray Industries Inc. that have tarnished Japan’s manufacturing reputation. read more »

Deutsche Bank trader jailed for five years for rigging lending rates

Christian Bittar estimated to have dishonestly made £2.5m on top of already huge salary

A former “world-class trader” has been jailed for more than five years after helping to rig a vital banking benchmark.

Ex-Deutsche Bank trader Christian Bittar was part of a wider conspiracy to dishonestly manipulate Euribor lending rates. The 46-year-old played a leading role in the four-year fraud and his personal profit was estimated to be around £2.5m. read more »

CFTC Slaps $11 Million Fine on Estonian FX Broker Tallinex

The CFTC filed a lawsuit against Tallinex in 2017 for accepting US clients despite never having been registered there.

A Utah federal judge on Wednesday approved a more than $10 million settlement in the Commodity Futures Trading Commission’s case against Estonian forex broker Tallinex for soliciting funds from US retail FX traders without being registered. read more »

Deutsche Bank to Pay Nearly $75 Million for Improper Handling of ADRs

The Securities and Exchange Commission today announced that two U.S.-based subsidiaries of Deutsche Bank AG will pay nearly $75 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs).

The case stems from a continuing SEC investigation into abuses involving pre-released ADRs.  In proceedings against Deutsche Bank Trust Co. Americas (DBTCA), a depositary bank, and Deutsche Bank Securities Inc. (DBSI), a registered broker-dealer, the SEC found that their misconduct allowed pre-released ADRs to be used for abusive practices, including inappropriate short selling and inappropriate profiting around dividend payouts. read more »