Two U.S.-based subsidiaries of Deutsche Bank A.G. will pay nearly $75 million to settle charges of “improper handling” of pre-released American Depositary Receipts (ADRs), the SEC reports. The Deutsche Bank subsidiaries are Deutsche Bank Trust Co. Americas (DBTCA), a depositary bank, and Deutsche Bank Securities Inc. (DBSI), a registered broker-dealer. The case stems from a… Read More >>
Ex-PE Firm Partner Allegedly Billed Clients for Vacations & More
A former senior partner at a major private equity firm is being charged by SEC officials for “defrauding his fund clients” by billing them for personal expenditures such as vacations, hair salon appointments, designer clothes, and high-end electronics that totaled approximately $290,000. The accused Mohammed Ali Rashid, a former senior partner at New York-based private… Read More >>
Morgan Stanley Settles Customer Reserves Case
Morgan Stanley & Co. has agreed to pay a $7.5 million civil penalty as part of a settlement with the SEC over allegations that the firm violated the regulator’s Customer Protection Rule. The rule governs “customers’ cash and securities so that they can be promptly returned should the broker-dealer fail,” SEC officials say. However, “complex… Read More >>