NEW YORK: The Justice Department brought civil fraud charges Monday against a former Deutsche Bank executive over alleged misrepresentations on more than $1 billion in mortgage-backed securities sold ahead of the 2008 financial crisis.
US prosecutors are seeking an unspecified civil penalty from Paul Mangione, former Deutsche Bank head of sub-prime trading, charging that he misrepresented the quality of loans backing a pair of securities worth a total of $1.4 billion.
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