{"id":4385,"date":"2007-03-08T09:52:17","date_gmt":"2007-03-08T09:52:17","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/03\/sec_charges_against_two_former"},"modified":"2021-09-20T15:41:24","modified_gmt":"2021-09-20T20:41:24","slug":"sec-charges-against-two-former","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-charges-against-two-former\/","title":{"rendered":"SEC Charges Against Two Former Citigroup Officials For Fraudulent Fund Dealings Are Dismissed"},"content":{"rendered":"<p>\t\t\t\tCharges by the Securities and Exchange Commission have been dropped against Lewis Daidone and Thomas Jones, two former Ex-Citigroup Officials. The SEC had charged the two men with alleged involvement in a fraud scheme that let Citigroup gain millions of dollars in profits, which should have gone to specific mutual funds. <\/p>\n<p>According to Judge Richard Conway Casey of The U.S. District Court for the Southern District of New York, the SEC&#8217;s push for injunctive relief and civil penalties is time-barred. He also said that there is no factual support for the Commission&#8217;s disgorgement claim. <\/p>\n<p>The court said that the SEC sought three forms of relief-permanent injunctions, civil penalties, and disgorgement-for one cause of action-aiding and abetting 1940 Investment Advisers Act Section 206 violations. The remedies, according to the judge, are not available. The civil penalties and injunction relief is time-barred (the charges did not meet the 5-year statute of limitations) and the disgorgement request was not supported by enough facts. The SEC filed its suit in 2006, six years after the alleged wrongdoing that took place in 1999. <\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/sec-charges-against-two-former\/\"  title=\"Continue Reading SEC Charges Against Two Former Citigroup Officials For Fraudulent Fund Dealings Are Dismissed\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Charges by the Securities and Exchange Commission have been dropped against Lewis Daidone and Thomas Jones, two former Ex-Citigroup Officials. The SEC had charged the two men with alleged involvement in a fraud scheme that let Citigroup gain millions of dollars in profits, which should have gone to specific mutual funds. According to Judge Richard [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3760],"tags":[],"class_list":["post-4385","post","type-post","status-publish","format-standard","hentry","category-sec-enforcement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC Charges Against Two Former Citigroup Officials For Fraudulent Fund Dealings Are Dismissed &#8212; Investor Lawyers Blog &#8212; March 8, 2007<\/title>\n<meta name=\"description\" content=\"Charges by the Securities and Exchange Commission have been dropped against Lewis Daidone and Thomas Jones, two former Ex-Citigroup Officials. The SEC had &#8212; March 8, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/sec-charges-against-two-former\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SEC Charges Against Two Former Citigroup Officials For Fraudulent Fund Dealings Are Dismissed &#8212; Investor Lawyers Blog &#8212; March 8, 2007\" \/>\n<meta name=\"twitter:description\" content=\"Charges by the Securities and Exchange Commission have been dropped against Lewis Daidone and Thomas Jones, two former Ex-Citigroup Officials. The SEC had &#8212; March 8, 2007\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEC Charges Against Two Former Citigroup Officials For Fraudulent Fund Dealings Are Dismissed &#8212; Investor Lawyers Blog &#8212; March 8, 2007","description":"Charges by the Securities and Exchange Commission have been dropped against Lewis Daidone and Thomas Jones, two former Ex-Citigroup Officials. 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The SEC had &#8212; March 8, 2007","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/sec-charges-against-two-former\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/sec-charges-against-two-former\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"SEC Charges Against Two Former Citigroup Officials For Fraudulent Fund Dealings Are Dismissed","datePublished":"2007-03-08T09:52:17+00:00","dateModified":"2021-09-20T20:41:24+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/sec-charges-against-two-former\/"},"wordCount":423,"articleSection":["SEC Enforcement"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/sec-charges-against-two-former\/","url":"https:\/\/www.investorlawyers.com\/blog\/sec-charges-against-two-former\/","name":"SEC Charges Against Two Former Citigroup Officials For Fraudulent Fund Dealings Are Dismissed &#8212; Investor Lawyers Blog &#8212; March 8, 2007","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2007-03-08T09:52:17+00:00","dateModified":"2021-09-20T20:41:24+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Charges by the Securities and Exchange Commission have been dropped against Lewis Daidone and Thomas Jones, two former Ex-Citigroup Officials. 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