DB - Deutsche Bank to pay over $120M to settle with SEC Justice Department

Deutsche Bank (DB) agrees to pay more than $120M for violations of the Foreign Corrupt Practices Act in coordinated resolutions with the Securities and Exchange Commission and the Justice Department, the SEC said.The agreement includes more than a payment of more than $43M to settle the SEC's charges.According to the SEC order, Deutsche Bank engaged foreign officials, their relatives, and their associates as third-party intermediaries, business development consultants, and finders to obtain and retain global business. It found that the bank didn't  have sufficient internal accounting controls related to paying such intermediaries, resulting in ~$7M in bribe payments or payments for unknown or unauthorized services.The New York Times reported on the bribery-related settlement earlier Friday, while Bloomberg had reported the German bank reached a settlement on allegations that traders had manipulated the market for precious metals through a practice known as spoofing.

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Deutsche Bank to pay over $120M to settle with SEC, Justice Department