Violation Tracker Individual Record

Company: 
Citigroup, Inc.
Current Parent Company: 
Citigroup
Penalty: 
$101,000,000
Year: 
2003
Date: 
July 28, 2003
Primary Offense: 
accounting fraud or deficiencies
Violation Description: 

The SEC instituted and settled enforcement proceedings against two major financial institutions, J.P. Morgan Chase & Co. and Citigroup, Inc., for their roles in Enron Corp.'s manipulation of its financial statements. The commission accused each institution of helping Enron mislead its investors by characterizing what were essentially loan proceeds as cash from operating activities.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking & securities
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.