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Citigroup Pays $15M To Settle NASD Charges

Law360 (June 6, 2007, 12:00 AM EDT) -- Citigroup Global Markets Inc. will pay over $15 million to settle allegations brought by the National Association of Securities Dealer that Citigroup brokers misled over 200 former BellSouth Corp. employees with false materials in retirement seminars, NASD said Wednesday.

NASD claimed that Citigroup failed to supervise brokers based in Charlotte, N.C., who held retirement seminars for BellSouth employees using misleading documents and inflated claims about returns on investments. As a result of these seminars, over 200 BellSouth employees saw the principal in their retirement accounts drop...
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