Deutsche faces claims of being criminal organisation
The banking allegedly used complex derivative trades to hide losses at Monte Paschi
Milan — Deutsche Bank, on trial in Milan for allegedly helping Banca Monte dei Paschi di Siena conceal losses, must face accusations that it was running an international criminal organisation at the time. Prosecutors used internal Deutsche Bank documents and e-mails to persuade a three-judge panel to consider whether there were additional, aggravating circumstances to the charges the German lender already faces related to derivatives transactions. The material included a London trader’s "well done!" message to a banker who is now on trial, evidence shows. Allowing prosecutors to argue that the alleged market manipulation crimes were committed by an organisation operating in several countries could lead to higher penalties if they win a conviction. Giuseppe Iannaccone, a lawyer for Deutsche Bank and some of the defendants, sought to block the move at Tuesday’s hearing, saying there was not a clear connection between the original charge of market manipulation and the alleged aggravati...
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