Deutsche Bank investigated in Italy for "market manipulation"

Deutsche Bank in Frankfurt is under investigation for market manipulation from Trani prosecution along with former management of the group. The story concerns the massive operations, for 7 billion euro in value, made on Italian government bonds between January and June of 2011.

In recent days the military police of Bari Finance, together with the pm Michael Ruggiero, have made seizures of records and email in German institute Milan office and would have listened to witnesses.

Five suspects: former president of Deutsche Bank Josef Ackermann, former co-CEOs Anshuman Jain and Jurgen Fitschen (the latter is currently co-outgoing CEO of the Bank), the former head office risks Hugo Banziger , and Stefan Krause, former chief financial officer and former member of the board of Db.

The former management of the Frankfurt group is accused of market manipulation because while talking to financial markets the sustainability of Italy's sovereign debt, hiding to the same markets and the Italian Ministry of Economy the actual (MEF) the Bank's intention to reduce drastically and in the very short term (in the first half of 2011) the possession of the Italian debt securities in the portfolio at the end of 2010 amounted to eight billion euro. The massive sale of Italian government bonds to over seven billion euro by June 2011 – according to the prosecutor of Trani Michele Ruggiero – has altered the market value of these securities because it was made in violation of regulations.