Citigroup Reports $400M Fraud In Mexico Unit, Lowers Results

Law360, Los Angeles (February 28, 2014, 10:42 PM EST) -- Citigroup Inc. said Friday that it was lowering its 2013 profits after learning that its Mexico subsidiary was the victim of fraud allegedly perpetrated by a Mexican oil services company to secure $400 million in loans. 

The bank said it had to cut its fourth-quarter and full-year 2013 financial results by an after-tax sum of $235 million after discovering that its Mexico subsidiary, Banamex, made about $400 million in loans to oil services firm Oceanografia SA based on fraudulent invoices. The alleged fraud will lower Citigroup's...
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