July 20, 2018

Two subsidiaries of Deutsche Bank will pay just under $75M to settle allegations that they improperly handled “pre-releases” of American Depository Receipts (ADRs). ADRs are U.S. securities that represent foreign shares of a foreign company and require a corresponding number of foreign shares to be held in custody at a depository bank. The SEC found that the companies’ practices allowed inappropriate short selling and inappropriate profiting around ADR dividend payments. SEC

Tagged in: Financial Institution Fraud, Securities Fraud,