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08-10-2016 - Fines

FINRA Fines Deutsche Bank $12.5 Million

Deutsche Bank Securities Inc. was fined $12.5 million on Monday by FINRA for sending out internal alerts that might contain confidential information that traders and their customers could utilize. These internal alerts are communicated via in house speakers known as squawk boxes.

According to FINRA, there were “significant supervisory failures”, as Deutsche Bank Securities ignored multiple red flags about potential confidential information in the hoots being passed to salespeople and their customers.

In addition to the fine, Deutsche Bank must certify that it has "adopted and implemented supervisory systems and written procedures concerning hoots that are reasonably designed to achieve compliance with FINRA rules and federal securities laws”.

For more information, please see following article: http://www.fcpablog.com/blog/2016/8/8/finra-fines-deutsche-bank-125-million-for-faulty-hoots-and-s.html


Source Location: TruthTechnologies.com
Author: TruthTechnologies.com