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USA Today MoneyJul 07, 2020
Stocks on track to snap a five-day rally as virus cases jump
U.S. stocks pulled back Tuesday as investors weighed the prospects of a global recovery with spreading coronavirus outbreaks.       

MarketWatch MarketPulseJul 07, 2020
Deutsche Bank to pay $150 million fine over compliance failures related to Jeffry Epstein
Deutsche Bank AG has agreed to pay a $150 million fine for significant compliance failures in its dealings with Jeffrey Epstein. The agreement is the first enforcement action by a regulator against a financial institution for dealings with registered sex offender Jeffrey Epstein, according to the New York State Department of Financial Services, or DFS. The agreement also covers compliance issues relating to Danske Bank Estonia and FBME Bank. "In each of the cases that are being resolved today, Deutsche Bank failed to adequately monitor the activity of customers that the Bank itself deemed to be high risk," Linda Lacewell, superintendent of the DFS said in a statment. " In the case of Jeffrey Epstein in particular, despite knowing Mr. Epstein's terrible criminal history, the Bank inexcusably failed to detect or prevent millions of dollars of suspicious transactions." Epstein, who committed suicide while awaiting trial on charges of sex trafficking and abuse of minors last August, used Deutsche Bank to make payments to individuals who were alleged to have been co-conspirators in sexually abusing young women, said the statement. The bank also handled settlement payments of more than $7 million and made dozens of payments to law firms for what appear to be legal costs for Epstein and others. It handled payments to Russian models, payments for women's school tuition, hotel and rent expenses, and payments to women with East European surnames, said the statement. Epstein also made periodic suspicious cash withdrawals of more than $800,000 over a four-year period. Deutsche Bank Chief Executive Christian Sewing acknowledged the failure ion a memo to staff posted on its website. "Onboarding the latter (Epstein) as a client in 2013 was a critical mistake and should never have happened," Sewing wrote.

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