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Citigroup To Pay $200K To Quell SEC Charges

Law360 (May 8, 2007, 12:00 AM EDT) -- Citigroup will pay $200,000 to settle U.S. Securities and Exchange Commission charges that brokerage Legg Mason Wood Walker Inc. improperly intervened in securities auctions before Citigroup Inc. acquired it.

In an order dated May 7, the SEC directed Citigroup Global Markets Inc. to shell out a $200,000 fine over Legg Mason Walker Wood’s conduct with respect to auction rate securities.

Citigroup consented to the entry of the order, but did not admit or deny the allegations. The misconduct allegedly took place between January 1, 2003 and...
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