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Deutsche Bank Securities pays $9.5MM SEC fine

10/12/2016
Fine Amount: 
$9.5 million
Penalty Type: 
Issued by: 

The Securities and Exchange Commission has announced that Deutsche Bank Securities, Inc., has agreed to pay a $9.5 million penalty for failing to properly safeguard material nonpublic information generated by its research analysts. Deutsche Bank also published an improper research report and failed to properly preserve and provide certain electronic records sought by the SEC during its investigation. According to the SEC’s order, Deutsche Bank encouraged its equity research analysts to communicate frequently with customers as well as its own sales and trading personnel, but lacked adequate policies and procedures to prevent analysts from disclosing yet-to-be-published views and analyses, changes in estimates, and short-term trade recommendations during morning calls, trading day squawks, idea dinners, and non-deal road shows.

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