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February 17, 2016

Posted  March 3, 2016

February 17, 2016 – Former Deutsche Bank research analyst Charles Grom will pay $100,000 and be suspended from the security industry for one year, to settle SEC charges that he certified the rating on a stock that was inconsistent with his personal view.  An SEC investigation found that Grom certified that his March 29, 2012 report about discount retailer Big Lots accurately reflected his own beliefs about the company and its securities.  But in private communications with Deutsche Bank research and sales personnel, Grom indicated that he did not downgrade Big Lots from a “buy” recommendation because he wanted to maintain his relationship with Big Lots management.  SEC

Tagged in: Misrepresentations, Securities Fraud,