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Company: Citigroup Global Markets, Inc. and Citi Smith Barney
Current Parent Company:
Citigroup
Parent at the Time of the Penalty Announcement:
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Penalty: $7,100,000,000
Year: 2008
Date: August 7, 2008
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: toxic securities abuses
Mega-Scandal:
Toxic Securities
Violation Description: Citigroup agreed to buy back $7 billion in securities and pay $100 million in penalties as part of the resolution of multistate litigation alleging it misled customers in the marketing and sale of auction rate securities.
Level of Government: state
Action Type: agency action
Agency: Multistate Attorneys General Case
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data:
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the
Update Log.