{"id":6118,"date":"2017-02-27T20:08:47","date_gmt":"2017-02-28T02:08:47","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1459"},"modified":"2017-02-27T20:08:47","modified_gmt":"2017-02-28T02:08:47","slug":"oceanografia-sues-citigroup-claims-alleged-multi-million-dollar-fraud-banamex","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/oceanografia-sues-citigroup-claims-alleged-multi-million-dollar-fraud-banamex\/","title":{"rendered":"Oceanograf\u00eda Sues Citigroup, Claims Alleged Multi-Million Dollar Fraud at Banamex"},"content":{"rendered":"<p>\t\t\t\tOceanograf\u00eda, formerly the biggest oil and gas company in Latin America, is accusing <a href=\"https:\/\/www.investorlawyers.com\/citigroup-background-information.html\">Citigroup (C) <\/a>of using it to detract from probes into the fraud involving Banamex, which is Citibank\u2019s Mexican subsidiary. Oceanograf\u00eda collapsed in 2014.<\/p>\n<p>Citigroup is accused of granting a $585M credit line to Oceanograf\u00eda so that the latter could get hundreds of millions of dollars in cash advances for work by Pemex, an oil company owned by Mexico. However in February 2014, Pemex notified Citigroup that about $400M in Oceanograf\u00eda invoices, which  were supposed to secure the cash advances, had been forged, possibly by a Banamex employee. Because of this, Citibank cancelled Oceanograf\u00eda\u2019s credit line and the oil and gas company collapsed.<\/p>\n<p>Oceanograf\u00eda maintains that it never forged the invoices nor did it have cause for such illegal action. <\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/oceanografia-sues-citigroup-claims-alleged-multi-million-dollar-fraud-banamex\/#more-6118\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oceanograf\u00eda, formerly the biggest oil and gas company in Latin America, is accusing Citigroup (C) of using it to detract from probes into the fraud involving Banamex, which is Citibank\u2019s Mexican subsidiary. Oceanograf\u00eda collapsed in 2014. Citigroup is accused of granting a $585M credit line to Oceanograf\u00eda so that the latter could get hundreds of [&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":[3994,3820,3752],"tags":[2754,2755],"class_list":["post-6118","post","type-post","status-publish","format-standard","hentry","category-bank-fraud","category-citigroup","category-financial-firms","tag-banamex","tag-oceanografia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oceanograf\u00eda Sues Citigroup, Claims Alleged Multi-Million Dollar Fraud at Banamex &#8212; Investor Lawyers Blog &#8212; February 27, 2017<\/title>\n<meta name=\"description\" content=\"Oceanograf\u00eda, formerly the biggest oil and gas company in Latin America, is accusing Citigroup (C) of using it to detract from probes into the fraud &#8212; February 27, 2017\" \/>\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\/oceanografia-sues-citigroup-claims-alleged-multi-million-dollar-fraud-banamex\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Oceanograf\u00eda Sues Citigroup, Claims Alleged Multi-Million Dollar Fraud at Banamex &#8212; Investor Lawyers Blog &#8212; February 27, 2017\" \/>\n<meta name=\"twitter:description\" content=\"Oceanograf\u00eda, formerly the biggest oil and gas company in Latin America, is accusing Citigroup (C) of using it to detract from probes into the fraud &#8212; February 27, 2017\" \/>\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":"Oceanograf\u00eda Sues Citigroup, Claims Alleged Multi-Million Dollar Fraud at Banamex &#8212; 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