BaFin files insider trading complaint against Deutsche Bank board member

Germany’s financial watchdog has filed a criminal complaint against Deutsche Bank board member Alexander Schütz over alleged insider trading of Wirecard shares.

Munich prosecutors told the Financial Times that they received the criminal complaint from BaFin by fax on Monday, adding they were waiting for details, which the watchdog has sent by post. They will evaluate the matter once all documents have been received.

Schütz, a close confidant of former Wirecard chief executive Markus Braun, has already announced that he will step down from Deutsche’s board next month.

According to people with first hand knowledge of the matter, BaFin suspects he used inside information on several occasions in 2019 and 2020 when trading Wirecard shares. Bloomberg earlier reported that BaFin was probing potential insider trades by Braun.

Schütz was publicly rebuked by Germany’s largest lender after the parliamentary inquiry committee into the Wirecard fraud disclosed an email he sent to Braun in early 2019 after the FT reported about whistleblower allegations of accounting manipulation at Wirecard. He told Braun that he recently bought Wirecard shares and urged him “to do this newspaper in!!” Deutsche later said this email was unacceptable.

Deutsche Bank declined to comment. Bafin declined to comment.

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