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Wednesday, December 22, 2010

Lawyers Get Pass in Fraud; Nonprosecution Payment Over $500 Million

Deutsche Bank to pay over $550M in fraud probe
The New York Post - December 21, 2010

Deutsche Bank admitted criminal wrongdoing and agreed to pay more than $550 million in connection with its participation in tax shelters that enabled the rich to avoid paying hundreds of millions of dollars in U.S. taxes, authorities announced Tuesday. Federal prosecutors and the Justice Department’s tax division announced the deal, saying a nonprosecution agreement requires the bank to continue cooperating and to submit to the appointment of an independent expert who will review its compliance measures and ensure it does not help people dodge taxes in the future. Authorities said the $533,633,153 payment by the bank will include that amount of taxes and interest that the Internal Revenue Service was unable to collect from taxpayers from 1996 to 2002 because of the misconduct. It also includes a civil penalty of more than $149 million. In a statement, Deutsche Bank said it was pleased that the investigation had been resolved. “Since 2002, the bank has significantly strengthened its policies and procedures as part of an ongoing effort to ensure strict adherence to the law and the highest standards of ethical conduct,” it said. The bank said the payment had already been accounted for and would not have any impact on current net income. Bank spokesman John Gallagher said the company had no additional comment. U.S. Attorney Preet Bharara said in a news release that the bank provided a detailed statement of facts describing its wrongful conduct. The nonprosecution agreement bans the bank from involvement with any prepackaged tax products of the type the bank had previously offered, according to the release.

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31 comments:

Corrupt Judge Victim said...

Go get 'em Corrupt Judge Tony Scarpino!! Unfortunately, you only have 2 hands to collect your dirty payoffs!

nyc esq said...

The good old backup, the nonprosecution agreeement.
It'll cost you but the top execs will pay big money (of course, other people's money).
The bigger the crime by corporations, the better the chance of getting a nonprosecution agreement.

Justice for all said...

Non prosecution farce. A crook agrees not to commit the same crime again in return for not being prosecuted. And notice, a paid overseer appointed by prosecutor will get a gravy train job. How much does the overseer have to kickback for the gravy job? The lawyer/prosecutor/judge industrial complex takes its cut again.

Anonymous said...

How many people believe that the Federal Bureau of Investigation is a totally useless, pointless, retarded Agency?

That they only go after big money financial cases, or ones that can put them in the Newspaper Headlines?

That they aren't completely owned by the richest and wealthiest families/people in each and every state they have a Field Office in, and are a completely Political Entity for selective prosecution/persecution of unpopular religious, racial, or ethnic minorities in their Communities?

That they don't give a damn about justice, or protecting the people or small businesses of the United States, but rather, enable criminals by doing nothing about federal crime until it's too late?

DISBAND THE FBI!

Anonymous said...

Deutsche Bank engaged in CRIMINAL Activities so therefore they are prohibited from acting as a fiduciary. Let's see how many Judges uphold the law particularly Surrogate Judges. The bank looks at this fine as a parking ticket.

Anonymous said...

Lets see Deutsche Bank purchased Bankers Trust Company on June 4, 1999 and then on July 26, 1999 was convicted of 3 felonies so this is effectively another felony! The criminals just keep doing what they do best more felonies.

Anonymous said...

of course the lawyers got a pass. this is big, big money here. pay to play. very simple, this is new york.

garbage collector said...

garbage. that's what these legal people are: garbage.
throw them in jail.

Anonymous said...

The NY Times at one time did mention that the law firm of White & Case was of interest in this matter. Deutsche also has Sullivan & Cromwell and Davis Polk for backup when White & Case doesn't want to get their white shoes dirty. So how did the law firms get a free pass?

Insider said...

The big problem for all these Nazis is that Bankers Trust Co. got nailed for 3 felonies after Deutsche Bk bought them on June 4, 1999. This latest criminal situation has far flung negative ramifications that are not readily evident...to be continued

Anonymous said...

Don't get folled - the white shoes have a lot of dirt on them. White & Case are the fixer - they made George W. President and acted as his personal attorney. In fact a White & Case attorney was made a federal Judge (it's called a payoff) by Geroge W. - You can't make this stuff up! And that's how the Nazis at Deutsche Bank got a parking ticket for $550 million when Billions were at stake.

Anonymous said...

Did anyone go to jail here? If not who got paid off? Somebody(s) had to go to jail, right?

Anonymous said...

The Nazis rolled everyone...I thought that we won the war? They own the feds and the judges.....

DB employee said...

Admitted criminal activities, a defacto felon...federal oversight does not exist, this is how this happened...the suits are having heart attacks over the criminal thing because they know it could shut down the bank...they are attempting to cover all bets, but for how long...if the complete story were to appear on the front page of the FT or the WSJ it's all over

Anonymous said...

What are the names of the law firms that signed off on all these bogus tax shelters? What's the coverup here? Some lawyers signed off on this crap, so why didn't the US Atty go after them too? After all they are in fact the enablers of this corruption. Or is the story one atty will not speak bad of another atty even if they are gangsters in white shoes.

NYC Bar Assoc Member said...

I want to know the involvment of White & Case in this matter? Had heard that the US ATTY was nipping at their heels and was close to naming them as of interest in the tax shelter case with their client Deutsch Bank

Anonymous said...

Don't you all know about the Lawyers Protection Society -They are all member (including but not limited to Judges by the way!) of the same group - LAWYERS! They are all CONFLICTED!

Anonymous said...

Richard Howell a federal Judge (formerly of W&C) is the go to guy in the federal court for a good reason

Anonymous said...

The US Attorney is Chucky Schumers' boy and does what he is told, that's why he's there and Chucky doesn't want to go after the white shoes because it would dent his 'contributions' and his retirement plan

Anonymous said...

The FBI and the DOJ is not part of the solution they are part of the problem .... get smart

Anonymous said...

How can Deutsche Bank admit criminal activities and still continue to act in any fiduciary manner? I see massive class actions on this one folks! Some sttorneys are going to get very rich on this one!

Retired Atty said...

The answer to the above (1:38) post is that when you are "TOO BIG TO FAIL" you can do anything you want and get away with it, you own the courts and NO ONE WILL GO AFTER YOU FOR ANYTHING! "How sweet is it!"

Anonymous said...

Late news is that the Fed bailed out Deutsche Bank and UBS big time...a few mere facts that they needed to hide...so the Nazi's got a free pass while the US taxpayers are forced to pick-up the tab.

Anonymous said...

So someone please tell me where ROBERT KHUZAMI is in this mix? Oh, he is residing as the SEC! By the way just incase anyone might happen to be interested Mr. ROBERT KHUZAMI most recently served as General Counsel at Deutsche Bank! Surprise everyone! And no one goes to jail!

Anonymous said...

Here we go again - our corrupt DOJ accepting (with a little help from a major law firm or two) a payoff to settle the case instead of prosecuting those who are guilty and sending them to jail like ordinary prople - like it's called punishment! I for one have lost any and all faith inour justice system - it's a bad joke! I my opinion Preet Bharara, the U.S. Atty for the S.D.N.Y. should be sent to jail instead for not doing his job properly.

Anonymous said...

So let's see who is going to jail if they were engaging in criminal activity?
The Chairman Herr J. Ackerman
The Members of the Board
The CEO
The Attorneys (Officers' of the Court) and law firm(s) who approved and certified the tax shelters
The President of the unit selling the tax shelters
The salesman who sold the tax shelters
Now who pays the price for criminal behavior in the end? As it stands it is the stockholders who had the least knowledge who have to pay the fine out of any expected profits. Just how many bonuses were taken back? Was anyone fired and if so how many people were fired?

Well folks this is what truth --- justice and the Un-American way is in the 21st century.

Anonymous said...

Preet Bharara says taht the tax shelters cost the US billion of dollars in lost tax revenue. If these tax shelters did in fact cost the US billion of dollars in lost tax revenue, what is the US going to do about getting some or all of that money back? Shouldn't they also have to pay for the billions in fraud they enabled? Until someone is subject to jail time, expect only more of this type of criminal behavior. Who is going after the taxpayers that opened these illegal tax shelters? What about all the white shoe lawyers and their law firms, where are they? This would be unbelievable, it it weren't so sadly believable! No accountability and no one cares - it's all one big game! Deutsche Bank is a German Bank so bar them from doing business in the US.....take their license away.

Anonymous said...

Critical key words in the Non-Prosecution Agreement with Deutsche Bank are that it '...admitted that it engaged in criminal behavior...' which opens them up for boocoo problems that the dopey Nazis and their ignorant attorneys don't have a clue about. Too bad suckers! That's why you lost WWII stupid!

Anonymous said...

How can Madoff (you can't made up the name!) who stole multi billions get life for his billions and Deutsche Bk get in effect a free pass - a non pros agreement and $550 million fine? Who at Deutsche went to jail? They also stole multi billions, so what's the story????? Something is rotten in NY!!!!! Who is protecting these NAZIS?

Anonymous said...

How did these German bastards get a free pass? Didn't we win WWII?

Anonymous said...

The finger prints of Deutsche Bank's 'white shoe' law firm White & Case are all over this. But they were also name of interest in this tax shelter scam and their godfather George W. is not in control any longer. Trouble in paradise. Or do they have friends inside now also?

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