Deutsche Bank Securities Inc. (CRD #2525, New York, New York) recentlysubmitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $175,000, and required to pay $10,314.44, plus interest, in restitution to customers.
Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it sold corporate bonds to customers and failed to sell such bonds at a price that was fair, taking into consideration all relevant circumstances, including market conditions with respect to each bond at the time of the transaction, the expense involved and that the firm was entitled to a profit. The firm submitted to FINRA on settlement dates, short-interest position reports that included incorrect short interest positions in numerous stocks.
The findings further stated that the firm transmitted to the FINRA/NASDAQ Trade Reporting Facility (FNTRF) last sale reports of transactions in designated securities, and failed to designate through the FNTRF such last sale reports as reflecting a price different from the current market when the execution was based on a prior reference point in time.
The findings also included that the firm failed to report the correct trade time to the RTRS in municipal securities transaction reports. The firm failed to report information regarding purchase and sale transactions effected in municipal securities to the RTRS in the manner prescribed by MSRB Rule G-14 RTRS Procedures and the RTRS Users Manual; the firm failed to report information about such transactions within 15 minutes of trade time to an RTRS portal. The firm improperly reported information to the RTRS that it was not required to report; the firm improperly reported to the RTRS certain purchase and sale transactions effected in municipal securities that the firm had already reported to the RTRS or were stepouts and thus, were not inter-dealer transactions reportable to the RTRS. The firm failed to show the correct execution time on brokerage order memoranda in municipal securities.
This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.
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