BaFin files complaint against Deutsche Bank's Schuetz

Monday, 19. April 2021 16:39

The German Federal Financial Supervisory Authority (BaFin) has filed a criminal complaint against Deutsche Bank board member Alexander Schuetz over alleged insider trading of Wirecard AG shares, Munich-based prosecutors told the Financial Times on Monday.

The prosecutors stated that they received the complaint by fax and are still waiting for additional details. They added that the matter will be investigated once they have all of the relevant documents.

A "close confidant" of Wirecard's CEO Markus Braun, Schuetz allegedly used inside information while trading the shares multiple times in 2019 and 2020, having been "publicly rebuked" by Deutsche Bank for his conduct, according to the report. He has already announced that he will step down from the board in May. So far, both BaFin and Deutsche Bank have declined to comment on the matter.

Related Links: Wirecard AGDeutsche Bank AG
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