The disappointed informant who gave up a reward of more than $ s8 million – iprofesional.com

It does not happen very often that someone has a million dollar reward at hand and decide give her

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But that is precisely what he did Eric Ben-Artzi, an informant who betrayed the Deutsche Bank with fraudulent accounting and refused to collect his share of the reward granted by the agency market regulation United States (the Securities and Exchange Commission, SEC).

a Ben-Artzi correspond or $ s8, 25 million total prize money of US $ s16,5 the SEC granted within its program for promote betrayals on bad banking practices, according to the FT.

“the SEC just told me that I get the half a reward to informants or $ s16,5 million. But renounce my part “begins an opinion article he published on Thursday in the Financial Times ..

Ben-Artzi worked as risk analyst for the bank but was fired after his criticism of the distortion account being done in full financial crisis.

Then came the SEC and the information he provided helped the agency investigate the bank and end up imposing a fine of US $ 55 million by overvaluing its portfolio of derivative products, in May 2015.

“at the top of the financial crisis , the financial statements of Deutsche Bank did not reflect the significant risk in these grades, complex, illiquid positions, “the head of enforcement of the SEC, Andrew Ceresney said at the time, said AFP.

But Ben-Artzi believes that the SEC not punished as it should to the executives responsible.

rather, his opinion is that the impose a fine generally to the bank, the SEC has finished punishing the employees and shareholders of the entity, so they and the dismissed workers who are carrying the sanction.

“I ask that my part of the prize is for Deutsche and its shareholders,” he says in his article.

“I’m not going to join the looting of the same people that I was hired to protect, “adds there.

actually Ben-Artzi can only give to a part of their reward, as the rest belongs to his ex-wife, his lawyer and experts who helped prepare the documents sent to the SEC,

explains the FT. But, according to the newspaper, is the first time a reporter rejects an award of the SEC.

in his article, the analyst suggests that one of the reasons why the directors of Deutsche Bank were not punished is by the “ revolving doors “between the SEC, which is an agency of the US government and the bank itself, the largest in Germany.

” Lawyers at the top of the SEC they had senior positions in the bank, in and saliend or important positions in the SEC even when they already had it begun investigations into malpractice in the Deutsche bank “reported.

the rest of the prize, another $ s8,25, correspond to another agent bank. A third employee also requested the reward but the SEC did not was won.

Ben-Artzi now works as VP risk analysis in a company financial management.

the SEC launched its rewards program in 2011, which provides for payment to people who provide “ original information high quality” that generates sanctions more u $ s1 million, says on its website. The rewards will range from 10% to 30% of the money raised.