Russia's central bank said on Tuesday it had found evidence of "large scale" market manipulation by Deutsche Bank’s former head of Russian equity trading, accusing him of doing R300 billion ($4.8 billion) of illicit trades in the names of his relatives.
The case is another blow for Deutsche's already battered reputation in Russia, where it has shut down most of its investment banking operations after being hit by a separate trading scandal last year.
Yuri Khilov, who left Deutsche in 2015, earned about R255 million of profit for himself and his family from 2013 to 2015, the Russian central bank said in a statement today. It said complaints had been filed with local law enforcement agencies.
The central bank accused Mr. Khilov of opening accounts in his relatives' names, then booking trades on behalf of Deutsche's London branch that allowed them to profit within minutes by buying or selling stocks of Russia's most liquid companies, including Gazprom, Sberbank, Rosneft, Lukoil, and Norilsk Nickel, in the opposite direction. ...
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https://www.ft.com/content/488a58e0-c6bd-11e6...29-9445cac8966f
