{"id":5848,"date":"2015-08-21T00:00:00","date_gmt":"2015-08-21T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/08\/citigroup_global_markets_to_pa"},"modified":"2015-08-21T00:00:00","modified_gmt":"2015-08-21T05:00:00","slug":"citigroup-global-markets-to-pa","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/citigroup-global-markets-to-pa\/","title":{"rendered":"Citigroup Global Markets to Pay $15M Penalty to the SEC for Surveillance and Compliance Failures"},"content":{"rendered":"

The Securities and Exchange Commission said that Citigroup Global Markets (C)<\/a> will pay a $15M penalty to settle charges that it did not enforce procedures and policies that would stop and identify securities transactions potentially involving the wrongful use of material, nonpublic information. Citigroup agreed to the SEC\u2019s order without denying or admitting to the regulator\u2019s findings.<\/p>\n

The firm also has paid $2.5 million to advisory client accounts that were affected. That amount is how much Citigroup made from the principal transactions that resulted because of the purported compliance and surveillance failures.<\/p>\n

According to SEC, which conducted a probe, over a period of ten years, Citigroup<\/a> failed to review thousands of trades that were made by a number of trading desks. Even though firm personnel looked at reports to assess trades daily, technological errors caused several information sources regarding thousands of key trades to be left out.<\/p>\n

As the SEC noted in its order, advanced computer systems are often now involved in automated trading. Technology oversight is key to making sure that compliance is in effect.<\/p>\n

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

The Securities and Exchange Commission said that Citigroup Global Markets (C) will pay a $15M penalty to settle charges that it did not enforce procedures and policies that would stop and identify securities transactions potentially involving the wrongful use of material, nonpublic information. Citigroup agreed to the SEC\u2019s order without denying or admitting to the […]<\/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":[3820,3752,3760,3761],"tags":[],"class_list":["post-5848","post","type-post","status-publish","format-standard","hentry","category-citigroup","category-financial-firms","category-sec-enforcement","category-securities-and-exchange-commis"],"yoast_head":"\nCitigroup Global Markets to Pay $15M Penalty to the SEC for Surveillance and Compliance Failures — Investor Lawyers Blog — August 21, 2015<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission said that Citigroup Global Markets (C) will pay a $15M penalty to settle charges that it did not enforce procedures — August 21, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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