Wednesday , October 5 2022

Securities Commission (SEC) fined Citibank for more than $ 38 million


Due to misuse in the handling of US Depository Documents (SARD), Securities Commission (SEC) has fined Citibank for more than $ 38 million.

The SEC found out that Citibank had falsely provided American securities representing foreign shares or ADR for brokers in thousands of premature transactions. These brokers and clients did not have the actual amount of foreign shares to support these side effects, according to the SEC statement.

The Bank did not accept or deny the Securities and Exchange Commission (SEC)'s findings on its procedures but agreed to pay a fine and additional charges related to misuse.

"We are delighted to have solved this issue," Citigroup said.

Source: Reuters

Source link