SEC Institutes Action Against Deutsche Bank Securities

The Securities and Exchange Commission instituted an enforcement action against Deutsche Bank Securities, which has agreed to repay more than $3.7 million to customers, including $1.48 million that was ordered as disgorgement. The SEC’s investigation found that traders and salespeople made false and misleading statements while negotiating sales of commercial mortgage-backed securities (CMBS). According to the SEC’s order, customers overpaid for CMBS because they were misled about the prices at which Deutsche Bank had originally purchased them.