Deutsche Bank whistleblower spurns share of $16.5m SEC award — FT.com

A whistleblower who helped expose false accounting at Deutsche Bank has turned down a multimillion-dollar award from the Securities and Exchange Commission in protest against the agency’s failure to punish executives at the bank.Sample the FT’s top stories for a weekYou select the topic, we deliver the news.

Eric Ben-Artzi, a former Deutsche risk officer, has told the SEC he is declining his share of a $16.5m payout — the third largest in the whistleblower programme’s history — awarded for information that led the agency to fine Deutsche Bank $55m last year. The SEC found Deutsche misstated its accounts at the height of the financial crisis by improperly valuing a giant derivatives position.

Mr Ben-Artzi said the fine should be paid by individual executives, not shareholders, and suggested the “revolving door” of senior personnel between the SEC and Germany’s largest bank had played a role in executives going unpunished.

Source: Deutsche Bank whistleblower spurns share of $16.5m SEC award — FT.com

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