ADVFN - Advanced Financial Network.
HOME» NYSE » C » C Stock Price » C Stock News

Citigroup Share News

 Citigroup Stock Price
C Stock Price
 Citigroup Stock Chart
C Stock Chart
 Citigroup Stock News
C Stock News
 Citigroup Company Information
C Company Information
 Citigroup Stock Trades
C Stock Trades

Finra Fines Citigroup $3.5 Million For Inaccurate RMBS Data

DOW JONES NEWSWIRES The Financial Industry Regulatory Authority has fined Citigroup Inc.'s (C) Global Markets group $3.5 million for allegedly posting inaccurate data about deals it was making on mortgage-backed securities during the subprime mortgage and housing market crisis. Citigroup wasn't immediately available for comment, but has neither admitted nor denied the charges, Finra said. The regulatory agency fined the banking giant for allegedly providing inaccurate mortgage performance information, as well as for supervisory failures and other violations in connection with its residential mortgage-backed securitizations, or RMBS. Finra claims Citigroup posted inaccurate mortgage performance data on its website from January 2006 to October 2007. The bank didn't remove the information until early May 2012, despite receiving several warnings that it was inaccurate, the regulatory agency said. "Investors use this data to inform their decisions and in this case, for over six years, investors potentially used faulty data to assess the value of the RMBS," said Brad Bennett, FINRA's chief of enforcement. Issuers of RMBS are required to disclose information on the historical performance of similar securities offered in the past, as a way for investors to assess the value and risk associated with their securities and the mortgages on which they are based. Citigroup's purported inaccurate information about three subprime, or Alt-A, securitizations may have affected investors' view of subsequent RMBS, the regulatory group said. Finra also said the bank allegedly failed to supervise the pricing of mortgage-backed securities, lacked procedures to verify traders' prices, and didn't maintain required records, including, for instance, documentation of margin calls leading to the re-pricing of certain securities. In 2010, Citigroup was fined $75 million by the Securities and Exchange Commission for allegedly misleading investors about $39 billion in subprime-mortgage assets. -By Kristin Jones; Dow Jones Newswires; 212-416-2208; kristin.jones@dowjones.com

Stock News for Citigroup (C)
DateTimeHeadline
01/21/201522:26:45Correction to Falling Oil Prices Worry Bank Investors Story
01/21/201518:37:23Falling Oil Prices Worry Bank Investors
01/21/201515:55:11Falling Oil Prices Worry Bank Investors, Analysts
01/21/201513:44:34Monitor to Issue First Report on Citi's Consumer-Relief Program...
01/20/201507:51:26Morgan Stanley's Results Miss Estimates -- Update
01/16/201519:46:18Swiss Franc Bets Turned on a Dime
01/16/201519:30:35Surge of Swiss Franc Triggers Hundreds of Millions in Losses...
01/16/201517:07:45Fallout From Swiss Move Hits Banks, Brokers -- 10th Update
01/16/201516:49:38Fallout From Swiss Move Hits Banks, Brokers -- 9th Update
01/16/201514:53:10Fallout From Swiss Move Hits Banks, Brokers -- 8th Update
01/16/201514:22:09Citigroup to Lose At Least $150 Million on Forex Trading -- Source
01/16/201509:21:56Swiss-Franc Move Crushes Currency Brokers -- 6th Update
01/16/201508:56:39Swiss-Franc Move Crushes Currency Brokers -- 5th Update
01/16/201508:01:32Swiss-Franc Move Crushes Currency Brokers -- 4th Update
01/16/201506:14:02Spain's Isolux Corsan Plans to Raise EUR600 Million in IPO
01/15/201519:52:26Biggest Banks Lag Behind as Economy Gains Steam
01/15/201514:56:45U.S. Stocks Slip as Banks Stumble
01/15/201513:26:13Fourth Quarter Trips Up Big Banks
01/15/201512:59:09SNB Shocks Bankers and Markets
01/15/201511:44:17U.S. Stocks Lower as Big Banks Stumble

Citigroup and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad