Deutsche Bank, trader settle U.S. SEC charges over bond prices


(Reuters) – Deutsche Bank AG (DBKGn.DE) will pay nearly $4.5 million to settle U.S. Securities and Exchange Commission charges that its traders and salespeople misled customers about prices of commercial mortgage-backed securities, the regulator said on Monday. The SEC said Deutsche Bank will distribute more than $3.7 million to customers and pay a $750,000 fine, while Benjamin Solomon, the bank’s former global head of securitized products, will pay a $165,000 fine and accepted a 12-month suspension from the securities industry. Deutsche Bank and Solomon did not admit or deny wrongdoing, and provided substantial cooperation during the SEC’s probe. Reporting by Jonathan Stempel in New York; Editing by Meredith MazzilliOur Standards:The Thomson Reuters Trust Principles.
Source: Reuters