
Former AVP at Deutsche charged over fraud
LOSSES & LAWSUITS
John Quinn, who worked in one of the bank's New Jersey offices, is accused of stealing more than $13 million from the firm.
According to US attorney Michael Garcia, Quinn set up a company called Quorum Investments to which he wire-transferred in excess of $13.4 million between June 2004 and September 2006. Garcia noted that this happened on 53 separate occasions.
Quinn, who had worked for the bank for 21 years, is alleged to have used the money to fund an extravagant lifestyle including buying BMW cars and expensive jewellery.
The scale of the fraud only came to light after Quinn's own personal retirement in early October this year. If found guilty, Quinn may face up to 30 years in prison.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Regulation
Regulation
What lies beneath: Nomura’s iceberg balance sheet
Collateral received by the Japanese bank exceeds its total on-balance-sheet assets – does it matter?
Receive this by email