SEC charges against Citigroup, Citi to pay $75 million for settlement
In New York City, the US Securities and Exchange Commission (SEC) filed charges against citigroup executive and its former financial officer for grounds of the bank’s exposure that was misrespresented. The misrepresentation was not with intentional misconduct.
With this case, the Citigroup Inc is said to pay abut $75million to settle the charges that SEC filed against them.
Then again, just this month, the Goldman Sachs Group Inc. is also said to pay an amount of $550 million to SEC to settle fraud charges that was filed against them by SEC.
There are some analyst who railed against the SEC’s actions of filing charges because there are also some instances wherein the SEc would report that another financial company is doing something wrong.
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