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The Financial Market Regulator (FINRA) on December 28 fined Citigroup for $ 11.5 million for providing false ratings for many companies for almost 5 years. Citigroup Global Markets Inc. were ordered to pay a fine of $ 5.5 million and compensation of $ 6 million to customers.
As noted, the division of one of the leading US banks has provided "inaccurate ratings" for almost 40% of companies that were valued by the firm.
"FINRA has determined that during the period from February 2011 to December 2015 Citigroup Global Markets Inc. displayed inaccurate ratings for brokers, customers and supervisors on more than 1.8 thousand securities - more than 38% of the total number of valuable securities of companies for which the firm provided estimates. "
A day earlier, on December 27, FINRA announced a fine of $ 2.8 million. J.P. Morgan Securities for violation of the rules for the protection of customers: J.P. Morgan Clearing Corp., responsible for the storage of securities of customers, for 8 years, from 2008 to 2016, according to the regulator, did not fulfill its obligations for the proper movement of securities of customers.
source: reuters.com
As noted, the division of one of the leading US banks has provided "inaccurate ratings" for almost 40% of companies that were valued by the firm.
"FINRA has determined that during the period from February 2011 to December 2015 Citigroup Global Markets Inc. displayed inaccurate ratings for brokers, customers and supervisors on more than 1.8 thousand securities - more than 38% of the total number of valuable securities of companies for which the firm provided estimates. "
A day earlier, on December 27, FINRA announced a fine of $ 2.8 million. J.P. Morgan Securities for violation of the rules for the protection of customers: J.P. Morgan Clearing Corp., responsible for the storage of securities of customers, for 8 years, from 2008 to 2016, according to the regulator, did not fulfill its obligations for the proper movement of securities of customers.
source: reuters.com
