The Financial Industry Regulatory Authority announced Wednesday it fined Deutsche Bank Securities Inc. $7.5 million for negligently misrepresenting delinquency data in connection with the issuance of subprime securities.
FINRA found that Deutsche Bank Securities "misrepresented and underreported" the percentages of mortgages that were delinquent in the prospectus supplements of six subprime residential mortgage backed securities issued in 2006.
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