Citigroup Inc. will pay $2.9 million to settle Securities and Exchange Commission allegations that the bank’s broker had flawed processes in its accounting in underwriting of securities offerings.
The SEC alleged Tuesday that the broker didn’t keep current records on the way it accounted for expenses charged in the underwriting of securities offerings.
From 2009 to 2019, Citigroup Global Markets had no policies, procedures or review processes for how it estimated indirect expenses in underwriting offerings, the regulator said.
A spokesman for Citigroup declined to comment. The bank didn’t admit to or deny the regulator’s allegations in settling.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
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Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
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