From the Wires
Deutsche Bank Whistleblower Exposes Multi-Billion Dollar Securities Violations, Detailed in the Financial Times
By: PR Newswire
Dec. 6, 2012 06:58 PM
-- Former Deutsche Bank Risk Analyst Represented by Labaton Sucharow and the Government Accountability Project
WASHINGTON, Dec. 6, 2012 /PRNewswire/ -- Today, Labaton Sucharow LLP and the Government Accountability Project (GAP) announce their representation of a whistleblower who is alleging multi-billion dollar securities violations at Deutsche Bank, the Germany-based global investment bank. The alleged misconduct was first publicly disclosed in an article published by the Financial Times today. Dr. Eric Ben-Artzi is believed to be the first SEC whistleblower to share his story publicly.
Ben-Artzi, a former Quantitative Risk Analyst at Deutsche Bank responded, "I never wanted or expected to be a whistleblower. I reported internally first and extensively, in accordance with bank policies and procedures. As the problem was not acknowledged or corrected, I felt compelled to inform the proper law enforcement authorities. Unfortunately, my family and I are paying a heavy price for doing the right thing."
Dr. Ben-Artzi sought legal representation from Labaton Sucharow and reported the possible securities violations to the U.S. Securities and Exchange Commission through the SEC Whistleblower Program. The program, established by the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010, has broad international reach and offers eligible whistleblowers significant employment protections, monetary awards and the ability to report anonymously.
"When Dr. Ben-Artzi first consulted with me, I was shocked by the suggested size and scope of the alleged misconduct," said Jordan Thomas, a former SEC Assistant Director and Chair of the Whistleblower Representation Practice at Labaton Sucharow. "This is exactly the type of situation that the SEC Whistleblower Program was intended to address. It is one of many high-profile matters in the pipeline."
Dr. Eric Ben-Artzi has worked in positions of significant responsibility at major financial institutions. He has unique expertise with the models, assumptions and calculations necessary to properly value and assess risk associated with derivatives. Earlier, he earned his Ph.D. from the Courant Institute at New York University where he also taught undergraduate courses in mathematics and financial engineering.
Bank Employee 'Know Your Rights' Campaign
In October, GAP launched a nationwide educational campaign aimed at employees of large banks and financial institutions. This educational Know Your Rights campaign, one of the first major coordinated national efforts of its kind, seeks to inform workers of whistleblower protections and incentives that potentially apply to them, if they have witnessed or are aware of wrongdoing. Among other things, tens of thousands of leaflets were distributed at banks and financial intuitions in 15 major cities across the country, informing workers of their protections.
Dr. Ben-Artzi's case serves as a great example of the need for this important public awareness campaign. More information can be found at www.BankWhistleblower.org.
Labaton Sucharow, one of the nation's premier law firms, has been a champion of investor and consumer rights for close to 50 years. It was the first law firm in the country to establish a practice exclusively focused on protecting and advocating for whistleblowers who report possible violations of the securities laws. Building on the firm's top ranked securities litigation platform, the Whistleblower Representation Practice leverages a world-class in-house team of investigators, financial analysts, and forensic accountants with federal and state law enforcement experience to provide unparalleled representation for whistleblowers.
The Government Accountability Project is the nation's leading whistleblower protection organization. Through litigating whistleblower cases, publicizing concerns and developing legal reforms, GAP's mission is to protect the public interest by promoting government and corporate accountability. Founded in 1977, GAP is a non-profit, non-partisan advocacy organization based in Washington, D.C.
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