Manhattan U.S. Attorney Drops Case Against Former Deutsche Bank Broker

Manhattan federal prosecutors agreed on September 16 to drop charges against a Kramer Levin client and former Deutsche Bank AG broker who had been accused of participating in one of the largest tax frauds in U.S. history. In 2011, our client was acquitted on four counts but convicted on two other counts. That conviction was reversed in January 2015 by the Second U.S. Circuit Court of Appeals. Under the terms of the agreement announced yesterday, our client will not have to face retrial and all charges against him will be dropped in a year. The Wall Street Journal described the agreement as a “rare settlement” of a white collar case involving an individual defendant, noting that the Manhattan U.S. Attorney’s office generally reserves deferred prosecution agreements for corporate defendants.

The Kramer Levin team was led by partners Barry H. Berke and Paul H. Schoeman. The government had won eight trial convictions or guilty pleas in related cases but failed to convict two other defendants, including former Deutsche Bank broker, Raymond Brubaker, who also was represented by Messrs. Berke and Schoeman, and was acquitted of all charges at trial.