Citi fined over $10 million by SEC over controls, supervision [MarketWatch]
Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
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Source: MarketWatch
Citi fined over $10 million by SEC over controls, supervision Citigroup C, +1.27% will pay $10.5 million to settle two lawsuits from the Securities and Exchange Commission , one stemming from $81 million of losses due to trader mismarking and unauthorized proprietary trading and another from $475 million of losses due to fraudulently-induced loans made by a Mexican subsidiary. The SEC found that from 2013 to 2016, three Citigroup Global Markets Inc. traders, now fired, mismarked illiquid positions in proprietary accounts they managed, in two cases covering losses from widespread unauthorized trading. Citi failed to detect the traders' misconduct earlier because it had inadequate supervisory procedures and systems and did not independently verify the valuations of the mismarked positions. As for the Mexican loan, the SEC found that Banamex's $3.3 billion worth of loans to Oceanografia, S.A. were based on fraudulent invoices made to Pemex, and that Citi lacked the controls necessary
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C
Earnings
- 4/12/24 - Beat
C
Sec Filings
- 4/25/24 - Form 424B2
- 4/25/24 - Form 424B2
- 4/25/24 - Form 424B2
- C's page on the SEC website