{"id":4862,"date":"2006-08-11T00:00:00","date_gmt":"2006-08-11T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"citigroup-fined-by-nasd-over-false-data-by-brokers","status":"publish","type":"post","link":"https:\/\/www.hedgeco.net\/news\/08\/2006\/citigroup-fined-by-nasd-over-false-data-by-brokers.html","title":{"rendered":"Citigroup fined by NASD over false data by brokers"},"content":{"rendered":"<p>Reuters &#8211; The NASD ordered Citigroup Inc. to pay $1.12 million over a scheme by more than 100 brokers to obtain mutual fund sales charge waivers by falsely claiming their customers, including hedgefunds, were disabled.<\/p>\n<p>  Citigroup Global Markets Inc. will pay a $400,000 fine for supervisory and record-keeping violations and reimburse $715,000 to mutual fund companies, the NASD said on Thursday.<\/p>\n<p>  The NASD has taken disciplinary action against five Citigroup brokers, including one it barred from the securities industry, and said it is investigating several others.<\/p>\n<p>  It found more than 2,400 improper waivers in transactions by hundreds of customers with over two dozen fund companies.<\/p>\n<p>  &#8220;Citigroup missed the red flags,&#8221; said James Shorris, the NASD&#8217;s head of enforcement, in an interview.<\/p>\n<p>  &#8220;We were deeply disappointed because it was aware of similar problems based upon a 1997 disciplinary action and didn&#8217;t take effective steps to prevent a recurrence,&#8221; he added. &#8220;One of the  particularly stunning facts is it submitted (waivers) for hedge funds, which was inexplicable.&#8221;<\/p>\n<p><a href=\"http:\/\/news.moneycentral.msn.com\/provider\/providerarticle.asp?Feed=OBR&amp;Date=20060810&amp;ID=5939155\">Read Complete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters &#8211; The NASD ordered Citigroup Inc. to pay $1.12 million over a scheme by more than 100 brokers to obtain mutual fund sales charge waivers by falsely claiming their customers, including hedgefunds, were disabled. Citigroup Global Markets Inc. will [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4862","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4862"}],"version-history":[{"count":0,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4862\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}