FINRA Fines Citigroup $15 Million

MarketWatch Pulse

Citigroup Global Markets, Inc. was fined $15 million for failing to supervise the release of non-public research to clients and sales and trading staff. The Financial Industry Regulatory Authority said Citi issued 100 internal warnings but discipline was delayed often inadequate. Citigroup also hosted "ideas dinners" with its research analysts discussing stock picks with clients and sales and trading staff that at times contradicted published research. A Citigroup research analyst also helped two companies prepare for investment banking road shows. Citigroup neither admitted or denied the charges.

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