Shigeru Echigo, a Deutsche Bank salesman in Tokyo who was charged with bribery for spending too much on entertaining clients, has left the firm.
Bloomberg reports that Echigo, whose pension fund sales department at the bank’s Japanese securities unit was closed in December after his arrest, is no longer an employee, said Takayuki Inoue, a spokesman for the bank.
Deutsche Securities became the first brokerage to be penalized in Japan for breaching client entertainment rules after regulators found that staff provided 'substantial benefits' to pension fund officials. It spent $61,500 on clients from 2010 to 2012, the Securities and Exchange Surveillance Commission said December 5. The Financial Services Agency ordered compliance improvements a week later.
Tokyo police said Echigo spent about $8,800 entertaining a Mitsui pension executive with trips abroad, golf, and wine and meals in 2012.
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