Saturday, 23 May 2015
Last updated 11 hours ago
Dec 20 2013 | 11:33am ET
Deutsche Bank has settled allegations of "serious" problems at its prime-brokerage business for $6.5 million.
The Financial Industry Regulatory Authority said that "serious and operational deficiencies" were discovered four years ago in a hedge-fund lending program operated through Deutsche Bank's London affiliate. The problems resulted in "overstated capitalization and inadequate customer reserves."
Deutsche Bank did not admit or deny wrongdoing, and said it was "pleased to put these matters behind us."
FINRA said a "lack of transparency" left the bank unable to monitor its enhanced lending accounts, and that while its books showed US$9.4 billion owed to the affiliate, neither Deutsche Bank nor FINRA could "readily determine" how much of that total was from the lending program, and how much from proprietary trading.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…