Citi To Pay $2M Over Analyst's Facebook IPO Disclosures

Law360, New York (October 26, 2012, 1:16 PM EDT) -- Citigroup Global Markets Inc. has agreed to pay $2 million to settle claims that one of its research analysts discussed the bank’s confidential financial projections for Facebook Inc. with reporters before the company’s initial public offering, Massachusetts regulators said Friday.

The bank, one of the underwriters for Facebook’s May 18 IPO, agreed to pay the fine under a consent order filed by the securities division of the Massachusetts Secretary of the Commonwealth.

Analysts at Citigroup were barred by state law from disclosing the bank’s internal research...
To view the full article, register now.