UPDATE 1-Citi settles U.S. SEC charges over bad controls, supervision [Reuters]
Citigroup, Inc. (C)
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Source: Reuters
Citi settles SEC charges over bad controls, supervision | Reuters Reuters Staff 2 Min Read WASHINGTON (Reuters) - Citigroup agreed to pay $10.5 million to settle two separate complaints, one relating to bad loans made by its Mexican subsidiary, Banamex, between 2008 and 2014, U.S. regulators said on Thursday. The other concerned a trader mismarking illiquid positions and unauthorized proprietary trading by Citigroup Global Markets Inc (CGMI) from 2013 to 2016, the Securities and Exchange Commission said. “Fraudulently-induced loans” made by Banamex to Oceanografia that led to $475 million in losses were the result of inadequate controls that prevented them from registering ‘numerous red flags’ in the borrower’s documents,” the SEC said in a statement. The regulator also said inadequate supervision allowed CGMI traders to mismark illiquid positions and cover up $81 million in losses. “We are pleased to have these matters resolved,” Danielle Romero-Apsilos, a spokeswoman for Citi Global
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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