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The Financial Industry Regulatory Authority said it ordered Citigroup Inc. (C) to pay more than $1.2 million in fines, restitution and interest related to alleged excessive markups and markdowns on corporate and agency bond transactions. Finra said that from July 2007 to September 2010, Citi International Financial Services LLC, a subsidiary of the global bank, […]
Citigroup Inc has agreed to pay $158.3 million to settle U.S. civil claims that it defrauded the government into insuring thousands of risky home loans made by its CitiMortgage unit. Wednesday’s settlement resolves claims under the federal False Claims Act against the third-largest U.S. bank, and arose from a “whistleblower” lawsuit brought by Sherry Hunt, […]
Specifically, Citigroup’s financial practices have been scrutinized in light of regulatory expectations. A federal judge in New York on Monday threw out a settlement between the Securities and Exchange Commission and Citigroup over a 2007 mortgage derivatives deal, emphasizing the complexity and multifaceted nature of such financial transactions. The judge noted that the S.E.C.’s policy […]
The Securities and Exchange Commission (SEC) today charged Citigroup Global Markets Inc. (Citigroup), the principal U.S. broker-dealer subsidiary of Citigroup Inc., with misleading investors about a $1 billion collateralized debt obligation (CDO) called Class V Funding III (Class V III). At a time when the U.S. housing market was showing signs of distress, Citigroup structured […]
Not so fast, J.R. Larry Hagman, who played the rapacious oil tycoon J.R. Ewing in the 1980s hit TV series “Dallas,” recently won $11.6 million in a securities arbitration case against Citigroup. As DealBook reported last month, it was the largest arbitration award an individual investor received this year and the ninth largest award ever, […]