Citigroup To Pay $30M Over Research Tips To SAC, Others

Law360, New York (October 3, 2013, 12:57 PM EDT) -- Citigroup Global Markets Inc. has agreed to pay $30 million to Massachusetts securities regulators after admitting that one of its analysts sent confidential research about an Apple iPhone supplier to SAC Capital Advisors LP and other top clients, officials said Thursday.

Citigroup admitted in a consent order that Kevin Chang, an analyst for a Taiwanese affiliate of the bank, sent confidential research information in December 2012 to SAC, Citadel LLC, GLG Partners, T. Rowe Price and Citigroup’s equities unit. In particular, Chang disclosed that Hon Hai...
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