Deutsche Bank Securities, Inc./Alex Brown
Deutsche Bank is one of the world’s largest global financial companies. Its history dates back to its founding in Germany in 1870. Deutsche Bank now has more than 70,000 employees worldwide, including significant operations in Asia, Europe and the Americas. In 1999, Deutsche Bank acquired Banker’s Trust. A major component of the Banker’s Trust acquisition was its 200 year-old U.S. investment bank, Alex Brown & Sons. Deutsche Alex Brown is a U.S. securities brokerage firm and is a division of Deutsche Bank Securities. This division provides a range of advisory, brokerage, research and investment services to individual and institutional investors in the U.S. Deutsche Bank’s private clients and asset management group provides asset management and alternative investments. Deutsche Bank is one of the world’s largest asset managers.
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.
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