Deutsche Bank Securities, Inc./Alex Brown
A NASD arbitration panel Deutsche Bank Securities to pay a group of investors $3.7 million to compensate them for damages that they suffered as a result of Deutsche Bank’s misconduct. Claimants asserted causes of action for negligence, breach of fiduciary duty, omissions and misrepresentations; and breach of contract relating to investments in DB Alex. Brown Exchange Fund I, various real estate investment trusts, Gateway Trust Index Plus mutual fund, BT
Private Equity, Fund I, L.L.C., TWC Leveraged Income Trust II, L.P., The Topiary Fund,
L.P., Pilgrim America High income Investments, Ltd., Sankaty II L.P. Investment,
Nemean Collateralized Debt Portfolio, and Five Paces Ventures.
Deutsche Bank Fined $5 Million for Trading Violations
The NASD fined Deutsche Bank Securities, Inc. $5 million for rule violations relating to trading corporate high-yield bonds. Deutsche Bank was cited for charging excessive markups and markdowns, inadequate record keeping, and supervision violations. Deutsche Bank also was order to pay $422,000 in restitution.