Citibank fined over $38m by US markets watchdog

first_img whatsapp Citibank has been fined more than $38m (£29m) by markets watchdog the US Securities and Exchange Commission (SEC) for abuse in handling American Depositary Receipts (ADRs) to brokers.The SEC’s investigation into the matter concluded that Citibank had provided US securities that represent foreign shares, or ADRs, to brokers in thousands of transactions prematurely, without informing brokers of how many foreign shares they needed to hold correspondingly. Emily Nicolle whatsapp More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comPuffer fish snaps a selfie with lucky divernypost.comWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com A statement from the watchdog said such practices had inflated the total number of a foreign issuer’s tradeable securities, which resulted in “abusive practices such as inappropriate short selling and dividend arbitrage that should not have been occurring”.It added Citibank had today agreed to pay the fine, without admitting or denying the investigation’s findings.It is the second fine against Citibank by the SEC in recent months, after the bank agreed to pay more than $10m in August to settle two enforcement actions against them involving its books and records, internal accounting controls, and trader supervision.“Our charges against Citibank are the latest in our ongoing investigative effort to hold accountable Wall Street institutions that participated in an industry-wide fraud,” said Sanjay Wadhwa, senior associate director of the SEC’s New York regional office.“Our investigation into these practices has revealed that banks and brokerage firms profited while ADR holders were unaware of how the market was being abused.”A Citigroup spokeswoman said today: “We are pleased to have this matter resolved.” center_img Wednesday 7 November 2018 9:23 pm Citibank fined over $38m by US markets watchdog by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldMoney CougarLily From The AT&T Ads Is Causing A Stir For One ReasonMoney CougarMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailinvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.comNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableyGive It LoveThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayGive It Love Share Tags: Trading Archivelast_img

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