Forum Post: Citi Agrees to pay $285million after ‘Defrauding Investors in a $1BILLION Derivatives Deal’

(MaxKeiser) - The SEC said the bank’s Citigroup Global Markets unit misled investors about a $1billion collateralized debt obligation by failing to reveal it had ‘significant influence’ over the selection of $500million of underlying assets, and that it took a short position against those assets.

http://maxkeiser.com/2011/10/21/the-sec-said-the-banks-citigroup-global-markets-unit-misled-investors-about-a-1billion-collateralized-debt-obligation-by-failing-to-reveal-it-had-significant-influence-over-the-selection-of-50/

(DailyMail) - Citi agrees to pay $285million after ‘Defrauding Investors in a $1BILLION Derivatives Deal’

http://www.dailymail.co.uk/news/article-2051130/Citi-agrees-pay-285million-defrauding-investors-1billion-derivatives-deal.html

Citigroup Inc will pay $285 million to settle charges that it defrauded investors who bought toxic housing-related debt that the bank bet would fail, the U.S. Securities and Exchange Commission said on Wednesday.

Banking giant never admitted any wrongdoing