Former Citigroup Execs Escape SEC’s Grasp

Law360, New York (February 26, 2007, 12:00 AM EST) -- In a defeat for the U.S. Securities and Exchange Commission, a district court granted summary judgment Monday to two former Citigroup Inc. executives accused of siphoning off tens of millions of dollars in mutual shareholder fees.

On Monday, U.S. District Judge Richard Casey let Thomas W. Jones, the former chief executive of Citigroup Asset Management, and Lewis E. Daidone, former treasurer and chief financial officer of Citigroup’s Smith Barney mutual fund family, off the hook after ruling that none of the remedies sought by the SEC...
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