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Deutsche Bank Securities Agreed to Repay Customers More than $3.7 Million for Misleading Clients

Deutsche Bank Securities Agreed to Repay Customers More than $3.7 Million for Misleading Clients

Deutsche Bank Securities has agreed to repay more than $3.7 million to customers and a penalty of $750,000.  The $3.7 million repayment to clients includes $1.48 million as disgorgement, in other ways, repay the earned income of $1.48 million from “illegal or wrongful acts.”

” Deutsche Bank Securities to Repay $3.7 Million for Misleading Clients “

Investigations by the Securities and Exchange Commission (SEC) have found that traders and sales people had made false and misleading statements while negotiating sales of commercial mortgage-backed securities (CMBS), resulting in customers overpaying for the CMBS.  Deutsche Bank failed to have compliance and surveillance procedures in place to reasonably prevent and detect the misconduct, and had increased the firm’s profits at the expense of clients.

Former head trader of Deutsche Bank’s CMBS trading desk, Benjamin Solomon did not take appropriate actions, despite being made aware of the misrepresentation.  Benjamin has agreed to pay a penalty of $165,000 while Deutsche Bank has agreed to pay $750,000.  The SEC investigation was conducted by the Complex Financial Instruments Unit and the New York Regional Office.

Sources: SEC, Bloomberg

 

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About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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