FINRA Fines Citigroup $3.5M Over Bad Subprime Data

Law360, New York (May 22, 2012, 2:42 PM EDT) -- The Financial Industry Regulatory Authority has fined Citigroup Global Markets Inc. $3.5 million for providing inaccurate mortgage performance information in connection with subprime residential mortgage-backed securities it issued, the regulator said Tuesday.

FINRA said that Citigroup posted inaccurate mortgage performance data on its website from January 2006 to October 2007 and didn’t remove it until this month, even though it was informed on multiple occasions that the information was inaccurate.

Citigroup provided inaccurate mortgage performance data for three subprime mortgage-backed securitizations, which may have affected investors'...
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