Federal prosecutors on Monday accused the former head of subprime mortgage trading at Deutsche Bank AG of misleading investors about loans backing $1.4 billion in securities issued in 2007, leading to hundreds of millions of dollars in losses, according to a fraud complaint filed in Brooklyn federal court.

The civil claims against Paul Mangione, of Scarsdale, N.Y., come nearly a decade after the financial crisis, and months after Deutsche Bank settled with the U.S. Justice Department for $7.2 billion to resolve related...

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