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Ex-Deutsche Bank Russia employee accused of market manipulation


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Ex-Deutsche Bank Russia employee accused of market manipulation

The Central Bank of the Russian Federation said Dec. 20 that a banker at Deutsche Bank AG's Russian branch manipulated markets by conducting 300 billion Russian rubles of trades with relatives between January 2013 and July 2015, Reuters reported the same day.

Yuri Khilov and three relatives allegedly made a profit of 255 million rubles from the trades, the newswire noted. The allegations from the Russian central bank follow a long-running probe into the German lender for allegedly disguising suspicious trading activity in Russia.

A spokesman for the bank in Russia said the lender has conducted an internal probe into the activities of the former employee and that it will work closely with authorities on the matter, Reuters said in another Dec. 20 report.

As of Dec. 20, US$1 was equivalent to 61.37 Russian rubles.