Former Deutsche Bank Executive Ordered To Pay $500K For RMBS Fraud

Former Deutsche Bank Executive Ordered To Pay $500,000 To Settle Claims Relating To RMBS Fraud

Former Deutsche Bank Executive
Deutsche Bank Headquarters in Frankfurt, Germany

Federal Prosecutors have reached an agreement with former Deutsche Bank executive Paul Mangione. Federal prosecutors and Mangione settled a civil action filed in September 2017. Mangione was a former Managing Director and head of subprime trading at Deutsche Bank.

The federal government sought civil penalties for Mangione’s conduct with Deutsche Bank’s marketing and sale of two residential mortgage-backed securities (RMBS) in 2007.  The agreement also provides for payment of $500,000 in civil penalties in exchange for dismissal of the complaint.

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