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Deutsche Bank staff indicted for stock scam

Seoul prosecutors said they could not immediately confirm the report.

Written by Agencies | Seoul |
August 21, 2011 7:33:51 pm

A report says four employees of Deutsche Bank AG and its South Korean brokerage unit have been indicted on charges of manipulating stock prices and unfair trading.

Yonhap news agency reported Sunday that the alleged improper trading triggered a sudden plunge in Seoul’s benchmark stock index last November and resulted in illegal profits of about $41 million.

Yonhap says prosecutors indicted three employees with the bank’s Hong Kong office and a fourth with Deutsche Securities Korea.

Yonhap cited the German bank as saying its South Korean brokerage unit didn’t authorize or condone any violation of market regulations.

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Seoul prosecutors said they could not immediately confirm the report.

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