Violation Tracker Individual Record
NASD fined Citigroup Global Markets Inc. $400,000 for supervisory and recordkeeping violations in connection with a ploy by more than 100 of its brokers to improperly obtain waivers of mutual fund sales charges by falsely claiming that their customers were disabled. The firm was also ordered to pay $715,000 in restitution to the affected mutual fund entities.
NASD Orders Citigroup To Pay Over $1.1 Million For Failing To Prevent Brokers' Submission Of False Information To Mutual Funds, PR Newswire, August 10, 2006 (via Nexis).
FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).