Company Involved: Deutsche Bank AG
Industry: Banking and securities
Individuals: Shigeru Echigo, a director of Deutsche Securities Inc. and a former Mitsui pension executive, Yutaka Tsurisawa
Enforcement Action: Arrests
Shigeru Echigo, 36, a director of Deutsche Bank AG’s Japanese brokerage unit and its pension solution sales department was arrested Thursday on suspicion of bribery. He allegedly spent nearly $9,000 entertaining a former Mitsui pension executive with trips abroad, rounds of golf, and wine and meals from April to August 2012, according to Japanese police. Deutsche Bank spent a total of 6.3 million yen ($62,000) entertaining clients on about 100 occasions from 2010 to 2012, authorities said.
Former Mitsui pension executive Yutaka Tsurisawa, 60, was also arrested. Tsurisawa bought nearly $10 million of financial products from Deutsche Bank for the pension fund.