{"id":4457,"date":"2007-06-18T02:25:00","date_gmt":"2007-06-18T02:25:00","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/06\/nasd_says_citigroup_will_pay_1_1"},"modified":"2022-03-28T14:09:24","modified_gmt":"2022-03-28T19:09:24","slug":"nasd-says-citigroup-will-pay-1-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/nasd-says-citigroup-will-pay-1-1\/","title":{"rendered":"NASD Says Citigroup To Pay $15.2 Million For Misleading BellSouth Retirees"},"content":{"rendered":"<p>Citigroup Global Markets Inc is being charged $3 million by NASD to settle charges connected to misleading materials it allegedly gave Bellsouth employees during retirement meetings and seminars held in North Carolina and South Carolina. NASD also says that Citigroup has to pay over 200 ex-Bellsouth employees $12.2 million in restitution. The latter comes came from a civil class action involving Smith Barney, which had tried to get the case dismissed under SLUSA.<\/p>\n<p>NASD says that Citigroup neglected to properly supervise certain brokers located in Charlotte, North Carolina that used the misleading sales materials during numerous meetings with BellSouth Corp. employees. The materials made &#8220;exaggerated and unwarranted projections of future earnings&#8221; and did not elaborate on the related risks of making certain investments.<\/p>\n<p>Following these presentations, over 400 BellSouth employees opened more than 1100 accounts via these brokers. Many of their investors had retired early from BellSouth and had less than $350,000 in savings. Many of them cashed out their 401(k) accounts and pensions and invested these funds with the Citigroup brokers.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/nasd-says-citigroup-will-pay-1-1\/\"  title=\"Continue Reading NASD Says Citigroup To Pay $15.2 Million For Misleading BellSouth Retirees\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Citigroup Global Markets Inc is being charged $3 million by NASD to settle charges connected to misleading materials it allegedly gave Bellsouth employees during retirement meetings and seminars held in North Carolina and South Carolina. NASD also says that Citigroup has to pay over 200 ex-Bellsouth employees $12.2 million in restitution. The latter comes came [&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":[3820,3802],"tags":[],"class_list":["post-4457","post","type-post","status-publish","format-standard","hentry","category-citigroup","category-smith-barney-citigroup"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NASD Says Citigroup To Pay $15.2 Million For Misleading BellSouth Retirees &#8212; Investor Lawyers Blog &#8212; June 18, 2007<\/title>\n<meta name=\"description\" content=\"Citigroup Global Markets Inc is being charged $3 million by NASD to settle charges connected to misleading materials it allegedly gave Bellsouth employees &#8212; June 18, 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\/nasd-says-citigroup-will-pay-1-1\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NASD Says Citigroup To Pay $15.2 Million For Misleading BellSouth Retirees &#8212; 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