{"id":931,"date":"2011-08-16T10:57:11","date_gmt":"2011-08-16T10:57:11","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2011\/08\/citigroup_global_markets_fined"},"modified":"2022-03-09T16:07:20","modified_gmt":"2022-03-09T22:07:20","slug":"citigroup-global-markets-fined","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/citigroup-global-markets-fined\/","title":{"rendered":"Citigroup Global Markets Fined $500,000 by FINRA for Inadequate Supervision of Broker Accused of Bilking Sick and Elderly Investors"},"content":{"rendered":"

\t\t\t\tTwo months after a federal grand jury indicted Tamara Lanz Moon for misappropriating more than $800,000 in clients’ money, the Financial Industry Regulatory Authority (FINRA) has fined Citigroup Global Market<\/a>s $500,000 for failing to properly supervise her. Moon is charged with six counts of mail fraud. The acts of broker misconduct<\/a> allegedly took place between 2001 and 2008, when the 43-year-old broker was employed by Citigroup Global Markets as a registered sales assistant with Series 7 and 63 licenses. <\/p>\n

Court documents report that Moon targeted at least 22 Citigroup<\/a> clients who were sick, elderly, or for some reason couldn’t properly monitor their accounts. Her alleged victims included an elderly client suffering from Parkinson’s disease. Moon also allegedly forged signatures, changed account documents, opened accounts with deceased clients’ social security numbers, created bogus letters of authorization, revised customer addresses, and made unauthorized trades. She was fired in 2008 after Citigroup finally discovered her alleged misconduct. FINRA would go on to permanently barred her from the industry. Moon, who was arrested by the FBI following recent indictment, is out on bail.<\/p>\n

According to FINRA, Citigroup failed to investigate or detect a number of “red flags” that should have let the financial firm know that Moon was improperly handing client funds. The SRO is also accusing FINRA of failing to put into place reasonable controls and systems related to the supervisory review of client accounts, which allowed Moon to falsify records, and neglecting to identify suspicious activity related to disbursements and transfers in the accounts that she was using to misappropriate clients’ money. <\/p>\n

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

Two months after a federal grand jury indicted Tamara Lanz Moon for misappropriating more than $800,000 in clients’ money, the Financial Industry Regulatory Authority (FINRA) has fined Citigroup Global Markets $500,000 for failing to properly supervise her. Moon is charged with six counts of mail fraud. The acts of broker misconduct allegedly took place between […]<\/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":[3820,3752,3739,3741,3803],"tags":[],"class_list":["post-931","post","type-post","status-publish","format-standard","hentry","category-citigroup","category-financial-firms","category-finra","category-securities-fraud","category-senior-investors"],"yoast_head":"\nCitigroup Global Markets Fined $500,000 by FINRA for Inadequate Supervision of Broker Accused of Bilking Sick and Elderly Investors — Investor Lawyers Blog — August 16, 2011<\/title>\n<meta name=\"description\" content=\"Two months after a federal grand jury indicted Tamara Lanz Moon for misappropriating more than $800,000 in clients' money, the Financial Industry — August 16, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, 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