Citi to pay $15 Million For Trading Compliance Failures
Yesterday, the Securities & Exchange Commission (SEC) fined Citigroup Global Markets $15 million to resolve claims that the banking giant failed to monitor thousands of trades for suspicious activity over a decade-long period as well as not complying with a rule barring principal trading on behalf of advisory clients.
As is customary, the bank neither admitted or denied any wrongdoing as part of the agreement but as part of the deal, agreed to retain a consultant to advise it on improving its trade surveillance and order handling for advisory accounts. As part of the negotiated settlement, the SEC in turn granted Citi fresh regulatory waivers allowing it to continue to participate in private offerings under Reg D and to retain its privileges as a well-known seasoned issuer.
The experienced securities litigation attorneys at Colling Gilbert Wright & Carter have litigated and resolved hundreds of FINRA arbitration claims over questionable Wall Street practices. If you believe you lost money due to misrepresentations or fraud on the part of your FINRA registered broker dealer, please contact us for a free case evaluation.