Former Deutsche Bank Worker Turns Down Award for Revealing False Accounting

© REUTERS / Toby Melville/FilesWorkers walk past the London headquarters of Deutsche Bank in the City of London, Britain in this May 19, 2015 file photo
Workers walk past the London headquarters of Deutsche Bank in the City of London, Britain in this May 19, 2015 file photo - Sputnik International
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A former employee of Deutsche Bank who helped to reveal the financial institution’s false account statements has refused to accept a multimillion-dollar award from the Securities and Exchange Commission (SEC), The Financial Times reports.

MOSCOW (Sputnik) – Ben-Artzi turned down his $8.25 million share of a total $16.5 million payout awarded for information that showed that Deutsche Bank misstated its accounts during the financial crisis, The Financial Times said on Thursday.

"In this case, top SEC lawyers had held senior posts at the bank, moving in and out of top positions at the SEC even as the investigations into malfeasance at Deutsche Bank were ongoing," Eric Ben-Artzi said in an article published by the newspaper.

SEC fined the bank $55 million last year.

According to the Deutsche Bank whistle-blower, the fine should be paid by individual executives, who are going unpunished, and not the bank’s shareholders.

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