Defendant Name: Deutsche Bank Securities, Inc.

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 Securities Inc., DWS Investment Management Americas, Inc., and DWS Distributors, Inc.
First Document Date 27-Sep-2022
Initial Filing Format Administrative Action
File Number 3-21173
Allegation Type Broker Dealer

Violations Alleged

Other
• Failure to supervise under Section 15(b)(4)(E) Exchange Act

Resolutions

First Resolution Date 27-Sep-2022
Headline Total Penalty and Disgorgement $125,000,000

Related Documents:

34-95928 27-Sep-2022 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On September 27, 2022, the SEC instituted settled administrative and cease-and-desist proceedings against Deutsche Bank Securities Inc., DWS Investment Management Americas, Inc., and DWS Distributors, Inc.,, stating: "From at least January 2018 to September 2021, DBSI and DWS employees sent and received off-channel communications that related to the business of the broker-dealers and registered investment adviser operated by the respective Respondents. Respondents did not maintain or preserve the substantial majority of these written communications. Respondents' failures were firm-wide, and involved employees at all levels of authority. As a result, DBSI and DWS Distributors violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder, and DIMA violated Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder."
2022-174_3-21173 27-Sep-2022 Press Release--Administrative Proceeding
SEC Charges 16 Wall Street Firms with Widespread Recordkeeping Failures
On September 27, 2022, the SEC "announced charges against 15 broker-dealers and one affiliated investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined penalties of more than $1.1 billion, and have begun implementing improvements to their compliance policies and procedures to settle these matters."

Other Defendants in Action:

DWS Investment Management Americas, Inc.
DWS Distributors, Inc.