Friday, March 5, 2021

Trump’s private banker quits Deutsche Bank over real estate deal

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Donald Trump’s private banker Rosemary Vrablic has quit Deutsche Bank over allegations of “undisclosed activity related to a real estate investment,” a regulatory filing shows, in the lender’s first public confirmation of the circumstances of his departure.

Ms Vrablic, a 14-year Deutsche veteran who personally banked the former president, resigned in December, four months after the German lender opened an investigation into its involvement in a 2013 real estate transaction involving Mr. Trump’s son-in-law Jared kushner, which was revealed by Mr. Kushner’s White House revelations and New York property records.

The deal involved the purchase by Ms. Vrablic and one of her colleagues, Dominic Scalzi, of a $ 1.5 million condo at Park Avenue in 2013 from a company partially owned by Mr. Kushner.

It was not disclosed to Deutsche at the time, due to an apparent violation of the bank’s policies, which required the disclosure of transactions involving customers, triggering an internal investigation which is now complete. The bank did not disclose the outcome of this investigation.

Upon her departure, the banker said she had “chosen to resign” and “looked forward to” her retirement. Deutsche declined to disclose the circumstances of his exit from his New York office.

A recently filed statement with US regulator Finra, which was made public on Wednesday and first reported by The New York Times, said Ms Vrablic was “allowed to resign” after allegations of “undisclosed activities related to a real estate investment by the representative ”. [Ms Vrablic]including buying the property from a client managed entity, and forming an unauthorized outside entity to hold the investment ”.

Ms. Vrablic’s lawyer declined to comment. A spokesperson for Deutsche Bank declined to say whether the real estate transaction that led to his departure was the one involving Mr Kushner.

Mr Scalzi, a colleague of Ms Vrablic who resigned at the same time and who was also under investigation over the Kushner deal, was “allowed to resign” under the same circumstances, a separate file said. de la Finra. His lawyer did not immediately respond to requests for comment.

Mr. Trump owed Deutsche up to $ 340 million when he left office. Ms Vrablic has been his personal banker for several years and he publicly praised her, mistakenly describing her as the “director of Deutsche Bank” and “the boss”.

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