{"id":4625,"date":"2008-06-25T13:17:34","date_gmt":"2008-06-25T13:17:34","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2008\/06\/citigroup_settles_securities_a"},"modified":"2022-03-29T15:18:25","modified_gmt":"2022-03-29T20:18:25","slug":"citigroup-settles-securities-a","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/citigroup-settles-securities-a\/","title":{"rendered":"Citigroup Settles Securities and Exchange Commission Charges Over Accounting Issues Related to Argentine Bonds"},"content":{"rendered":"

Without admitting to our denying any wrongdoing, Citigroup<\/a> has agreed to settle Securities and Exchange Commission charges that it took part in improper accounting related to specific Argentine bonds. According to the SEC, Citigroup was able to avoid paying another $479 million in pre-tax charges during the 4th quarter of 2001.<\/p>\n

Citigroup became affected by Argentina’s economic and political problems because the bank owns Argentine government bonds and over $1 billion in Argentine-related consumer loans. Because of the crisis, the South American country’s government had to default on certain sovereign debt obligations and devalue the country’s currency.<\/p>\n

Citibank had to make several accounting decisions, including those involving Argentine government bonds that were not eligible for bond swap, government-sponsored exchanges involving bonds for loans, the sale of Banco Bansud S.A. (a bank subsidiary that Citigroup had acquired), and the result of government actions that lead to the conversion of $1 billion in Citigroup loans to Argentine pesos.<\/p>\n

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

Without admitting to our denying any wrongdoing, Citigroup has agreed to settle Securities and Exchange Commission charges that it took part in improper accounting related to specific Argentine bonds. According to the SEC, Citigroup was able to avoid paying another $479 million in pre-tax charges during the 4th quarter of 2001. Citigroup became affected by […]<\/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],"tags":[],"class_list":["post-4625","post","type-post","status-publish","format-standard","hentry","category-citigroup"],"yoast_head":"\nCitigroup Settles Securities and Exchange Commission Charges Over Accounting Issues Related to Argentine Bonds — Investor Lawyers Blog — June 25, 2008<\/title>\n<meta name=\"description\" content=\"Without admitting to our denying any wrongdoing, Citigroup has agreed to settle Securities and Exchange Commission charges that it took part in improper — June 25, 2008\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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