Citi, UBS, Deutsche Bank Fined Over Vonage IPO

Law360, New York (September 22, 2009, 7:13 PM EDT) -- The Financial Industry Regulatory Authority fined Citigroup Inc., UBS Securities and Deutsche Bank Securities a total of $425,000 Tuesday and ordered the three firms to make payments to customers of up to $420,000 for their alleged failure to adequately supervise communications with their customers in the initial public offering of Vonage LLC.

Each of the three firms, which were lead underwriters for the May 2006 Vonage IPO, failed to communicate adequately with share purchasers after an error occurred with the Web site that sold Vonage's 4.2...
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