{"id":199,"date":"2007-07-24T17:46:22","date_gmt":"2007-07-24T17:46:22","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/07\/citigroups_smith_barney_unit_o"},"modified":"2021-09-20T15:41:15","modified_gmt":"2021-09-20T20:41:15","slug":"citigroups-smith-barney-unit-o","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/citigroups-smith-barney-unit-o\/","title":{"rendered":"Citigroup’s Smith Barney Unit Ordered to Pay $50 Million over Widespread Fraud Charges"},"content":{"rendered":"

\t\t\t\tIn one of its final regulatory acts before being folded into the NASD, the New York Stock Exchange’s regulatory unit has censured and fined Smith Barney $50 million over illegal trades, failures to supervise and record-keeping violations. The firm agreed to the sanctions without admitting or denying the charges. <\/p>\n

The Smith Barney unit of Citigroup Global Markets Inc. will pay a fine of $10 million to the NYSE, and a fine of $5 million to the State of New Jersey, related to a “separate regulatory matter arising out of the same conduct.” An additional $35 million will be paid into a restitution fund to compensate victims.<\/p>\n

The NYSE regulators say Smith Barney agreed to these huge sanctions to resolve charges related to a variety of fraudulent trading activities, including excessive trading, improper trading in mutual fund shares, improper trading in variable annuity mutual fund sub-accounts, illegal market timing trades, plus the firm’s failures to supervise and to maintain adequate books and records. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

In one of its final regulatory acts before being folded into the NASD, the New York Stock Exchange’s regulatory unit has censured and fined Smith Barney $50 million over illegal trades, failures to supervise and record-keeping violations. The firm agreed to the sanctions without admitting or denying the charges. 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