SEC News – Flipping Bonds, Kickback Schemes, and Offering Fraud

Citigroup to Pay More Than $10 Million for Books and Records Violations and Inadequate ControlsCitigroup has agreed to pay $10.5 million in penalties to settle two enforcement actions involving its books and records, internal accounting controls, and trader supervision. The charges stem from $81 million of losses due to trader mismarking and unauthorized proprietary trading and $475 million of losses due to fraudulently-induced loans made by a Mexican subsidiary. Ameriprise Financial Services Charged for Failing to Safeguard Client AssetsAmeriprise Financial Services Inc. will pay $4.5 million to settle charges that it failed to safeguard retail investor assets from theft by its representatives. SEC Files Charges in Municipal Bond “Flipping” and Kickback SchemesThe SEC charged two firms and 18 individuals in a scheme to improperly divert new issue municipal bonds to broker-dealers at the expense of retail investors. According to the SEC’s complaint, the…

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