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The U.S. authorities today filed fraud charges against former Deutsche Bank head of subprime trading, alleging that he sold investors mortgage-backed investment that was secretly expected to lose value.
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In filing the civil suit, investigators target Paul Mangione who allegedly engaged in misleading investors about “characteristics of loans backing two residential mortgage-backed securities (RMBS),” although he knew they were doomed to fail.
Mr. Mangione faces potential fines and a possible ban from the financial industry. The exact punishment will ... (read more)