Deutsche Bank fined over 'improper' forex conduct

Section:

By Kadhim Shubber, Martin Arnold, and Olaf Storbeck
Financial Times, London
Wednesday, June 20, 2018

Deutsche Bank will pay $205 million for violations of New York banking law stemming from its foreign exchange trading business, in the latest rap on the knuckles from U.S. authorities for Germany's biggest bank.

The fine from the New York Department of Financial Services comes after the regulator found "improper, unsafe, and unsound conduct" in the German bank's foreign exchange business between 2007 and 2013, when it was the world's largest forex dealer.

... Dispatch continues below ...



ADVERTISEMENT

USAGold: Coins and bullion since 1973


USAGold, well known for its Internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.

Please call 1-800-869-5115x100 and ask for the trading desk, or visit:

http://www.USAGold.com

USAGold: Great prices, quick delivery -- all the time.



"Due to Deutsche Bank's lax oversight in its foreign exchange business, including in some instances supervisors engaging in improper activity, certain traders and salespeople repeatedly abused the trust of their customers and violated New York State law over the course of many years," said Maria Vullo, financial services superintendent, in a statement today. ...

... For the remainder of the report:

https://www.ft.com/content/0a27973c-749c-11e8-b6ad-3823e4384287

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
https://neworleansconference.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16