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Citigroup fined $30 million after analyst sent report to SAC, others

Reuters – Citigroup Inc will pay a $30 million fine after one of its analysts improperly sent confidential research on an Apple supplier to big clients including Steven A. Cohen’s hedge fund SAC Capital Advisors, a securities regulator said on Thursday.

Citigroup analyst Kevin Chang emailed unpublished research about Hon Hai Precision Industry Co, a major supplier of Apple Inc iPhones, to SAC, T. Rowe Price, Citadel and GLG Partners, according to William Galvin, Massachusetts’ Secretary of the Commonwealth.

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