Defendant Name: Deutsche Bank Trust Company Americas

Defendant Type: Subsidiary of Public Company
Public Company Parent: Deutsche Bank AG
SIC Code: 6029
CUSIP: D1819089

Initial Case Details

Legal Case Name In the Matter of Deutsche Bank Trust Company Americas
First Document Date 20-Jul-2018
Initial Filing Format Administrative Action
File Number 3-18605
Allegation Type Broker Dealer

Violations Alleged

Securities Act
• Sec 17(a)(3)

Resolutions

First Resolution Date 20-Jul-2018
Headline Total Penalty and Disgorgement $73,287,002

Related Documents:

33-10523 20-Jul-2018 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
According to the SEC, "These proceedings arise out of DBTCA's improper practices involving the pre-release of American Depositary Receipts ("ADRs") . . . Contrary to how pre-release transactions were supposed to work, DBTCA at times pre-released ADRs to Pre-Release Brokers in circumstances where DBTCA was negligent with respect to whether the Pre-Release Brokers, or the parties on whose behalf the pre-released ADRs were being obtained, actually beneficially owned the corresponding number of ordinary shares, as they represented to DBTCA in their Pre-Release Agreements. The result of this conduct was the issuance of ADRs that in many instances were not backed by ordinary shares as required by the ADR facility."
2018-138_3-18605 20-Jul-2018 Press Release--Administrative Proceeding
Deutsche Bank to Pay Nearly $75 Million for Improper Handling of ADRs
According to the SEC, "The case stems from a continuing SEC investigation into abuses involving pre-released ADRs. In proceedings against Deutsche Bank Trust Co. Americas (DBTCA), a depositary bank, and Deutsche Bank Securities Inc. (DBSI), a registered broker-dealer, the SEC found that their misconduct allowed pre-released ADRs to be used for abusive practices, including inappropriate short selling and inappropriate profiting around dividend payouts."