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Violation Tracker Individual Record

Company: Citigroup, Inc.
Current Parent Company: Citigroup
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $101,000,000
Year: 2003
Date: July 28, 2003
Offense Group: financial offenses
Primary Offense: accounting fraud or deficiencies
Mega-Scandal: Early 2000s Accounting Scandals
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 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: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.