Ex-Deutsche Trader To Pay $500K To End DOJ’s RMBS Suit

Law360 (November 14, 2019, 2:21 PM EST) -- The U.S. Department of Justice announced Thursday that a former Deutsche Bank trader will pay $500,000 to settle allegations that he misled investors about the quality of loans underlying two residential mortgage-backed securities in the lead-up to the financial crisis.

Paul Mangione, the former head of subprime trading at Deutsche, was accused by the government in 2017 of mischaracterizing two securities, valued at $1.4 billion, to investors who bought them from the bank 10 years earlier and ultimately lost “hundreds of millions of dollars” as a result.

With Mangione’s dismissal bid still pending before the court, the DOJ filed a notice...

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