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