Smith Barney Censured For $50M

Law360, New York (July 24, 2007, 12:00 AM EDT) -- The enforcement division of the New York Stock Exchange hit Citigroup Inc.'s Smith Barney division with a $50 million fine for several alleged trading violations, including improper market timing by brokers and inadequate bookkeeping, NYSE Regulation Inc. announced Tuesday.

Most of the fine, $40 million, will go into a fund to compensate Smith Barney customers of the affected mutual funds. The State of New Jersey will also get $5 million for a separate regulatory matter stemming from the same alleged violations.

NYSE Regulation also said that...
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