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Citigroup paying $285M to settle SEC fraud charges

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Swede Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-19-11 03:49 PM
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Citigroup paying $285M to settle SEC fraud charges
Citigroup has agreed to pay $285 million to settle civil fraud charges that it misled buyers of a complex mortgage investment just as the housing market was starting to collapse.

The Securities and Exchange Commission said Wednesday that the big Wall Street bank bet against the investment in 2007 and made $160 million in fees and profits. Investors lost millions.

Citigroup neither admitted nor denied the SEC's allegations in the settlement.

http://www.newschannel5.com/story/15731220/citigroup-paying-285m-to-settle-sec-fraud-charges
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