Former Deutsche Bank Salesman Admits Bribery in Tokyo

Former Deutsche Bank AG salesman Shigeru Echigo admitted to bribery charges in Tokyo and said he acted on instructions from his managers, as authorities push brokerages to be more judicious in entertaining clients.

At the start of his trial in the Tokyo District Court today, Echigo accepted prosecutors’ argument that he bribed a pension fund executive to buy investment products. Echigo, 37, spent about 900,000 yen ($8,800) entertaining the client on 15 occasions from April to September 2012, the prosecutors said.