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E-mails force Deutsche Bank probe
NEW YORK (CNN) -- Deutsche Bank is under investigation for possible obstruction of justice related to the ongoing probe of its stock research department, CNNfn has learned. Despite Deutsche Bank's statement in early April that it was cooperating with regulators after finding "a cache of undisclosed e-mail traffic," it had resisted turning over the documents, and still has not provided everything, according to California regulators, who are leading the investigation into the bank. The firm was expecting to be included in the global Wall Street settlement of conflicts of interest when securities regulators announced the pact last December. Deutsche Bank had agreed to pay $80 million to resolve the probe. But when the deal was finalized four months later, Deutsche Bank was excluded. California Corporations Commissioner Demetrios Boutris now tells CNNfn the bank was left off because it had not provided all the documents. "On March 28 one of our enforcement counsel ... discovered that about 80 percent of the subpoenaed documents, including e-mails, had not in fact been produced by Deutsche Bank," Boutris said. The counsel called Deutsche Bank and "a number of days of rather heated conversations ensued. Thereafter, Deutsche Bank admitted they had not produced all the documents and of course Deutsche Bank was not included in the global settlement agreement," Boutris said. Deutsche Bank now confirms to CNNfn that it produced the documents only after requests from regulators. And California's Department of Corporations says e-mails are still missing, even after Deutsche Bank delivered the second batch of documents. Deutsche Bank says its computer systems were unable to retrieve some of the e-mails. Regulators have a leading electronic compliance firm, Zantaz Incorporated of Pleasanton, Calif., working to retrieve them from computer tapes. Deutsche Bank last December was fined $1.65 million by the Security and Exchange Commission and others for violating record-keeping requirements governing e-mails. --From CNNfn's Allan Chernoff
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