Citigroup Global Markets Fined $475k by FINRA

Citigroup Global Markets Inc (CGMI) has agreed to pay a fine of $475k tothe Financial Industry Regulatory Authority (FINRA) for omissions of required disclosures in approximately 16,850 equity research reports over the period of five years. 

Between November 2012 and November 2017, CGMI omitted approximately 24,800 required closures in 16,850 equity research reports. This accounted for apporximately 6.75% of all required disclosures impacting 4.43% of published equity research reports during this time period. 

As a result, the firm deprived the investing public of important information regarding conflicts of interest. Further, CGMI failed to establish and maintain a resonably designed supervisory system and written procedures to achieve compliance with the disclosure rules.

Citigroup Global Markets Inc. provides banking and financial services. The Bank offers personal banking, securities trading, wealth, treasury management, and other financial services. Citigroup Global Markets serves clients worldwide.