WEST PALM BEACH, FL (www.hedgeco.net) – Citigroup Inc. has agreed to pay the SEC imposed $208 million to settle the fraud charges against Citigroup\u00c3\u00af\u00c2\u00bf\u00c2\u00bds two subsidiaries with regard to the operation ofan affiliated transfer agent. The SEC released statements on Tuesday saying that Citigroup Global Markets and Smith Barney Management LLC misrepresented and omitted some facts when it recommended tothe Boards about the transfer of the funds from an independent third party agent to an affiliate of Citigroup.<\/p>\n
The SEC fined Citigroup $128 million in disgorgement fines and additional $80 million in penalties. Citigroup was also ordered to comply with some remedial measures. Citigroup settled this action without admitting any guilt. Citigroup\u00c3\u00af\u00c2\u00bf\u00c2\u00bds President and Chief Operating Officer Robert B. Willumstad said in a statement, \u00c3\u00af\u00c2\u00bf\u00c2\u00bdOur most important mission is to assure our clients that their assets are secure in our care and that they can trust us to manage them with their interests at the forefront.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd<\/p>\n
Willumstad added, “We recognize that aspects of the transfer agency arrangements entered into six years ago did not reflect the way we think business should be done, and that is unacceptable.” Citigroup introduced new policy through which it will retain an independent monitor to oversee a competitive process for bidding when a Citigroup affiliate submits a proposal for transfer agency services.<\/p>\n
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net<\/p>\n
HedgeCo.Net is the most popular hedge fund database and community in the world. Membership on HedgeCo.Net<\/a> is free and easy. We also offer free listings for Hedge Funds!<\/font><\/b><\/p>\n Be sure to check out our sister sites. www.hedgefundlounge.com<\/a>, www.hedgefundtools.com,<\/a><\/strong> and www.hedgefundemployment.com.<\/strong><\/a><\/font><\/b><\/p>\n","protected":false},"excerpt":{"rendered":" WEST PALM BEACH, FL (www.hedgeco.net) – Citigroup Inc. has agreed to pay the SEC imposed $208 million to settle the fraud charges against Citigroup\u00c3\u00af\u00c2\u00bf\u00c2\u00bds two subsidiaries with regard to the operation ofan affiliated transfer agent. The SEC released statements on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-3148","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/3148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=3148"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/3148\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=3148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=3148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=3148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}