Former Deutsche Bank risk management officer Eric Ben-Artzi is turning away an $8.25 million whistleblower award from the Securities and Exchange Commission.
Between 2010 and 2011, Ben-Artzi and two other former Deutsche Bank employees blew the whistle on executives who propped up the value of the bank's portfolio. Now he's expressing dismay that the very executives who falsely reported the company's balance sheet are retiring with "multimillion-dollar bonuses based on the misrepresentation of the bank's balance sheet," while some of Deutsche Bank's remaining employees are getting laid off.
In an op-ed for the Financial Times, he admonishes the SEC for not going after the unscrupulous executives involved. He says the $55 million penalty that Deutsche Bank paid to the SEC last year should have come out of the pockets of certain executives rather than from the bank's own coffers. As a result, he's requesting his share of the payout (minus amounts claimed by his ex-wife and lawyer) be given back to Deutsche Bank and its shareholders. RR