Forum Post: Citi Agrees to pay $285million after ‘Defrauding Investors in a $1BILLION Derivatives Deal’
Posted 2 years ago on Oct. 21, 2011, 7:04 p.m. EST by MonetizingDiscontent
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(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.
(DailyMail) - Citi agrees to pay $285million after ‘Defrauding Investors in a $1BILLION Derivatives Deal’
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