Ex-Citigroup Exec Forks Over $2.7 Million To Feds

Law360, New York (January 31, 2006, 12:00 AM EST) -- Former Citigroup senior vice chairman and Citibank CEO Victor Menezes will pay almost $2.7 million to settle allegations of insider trading, the U.S. Securities and Exchange Commission said.

According to the complaint filed in a New York district court, in 2002, the 56-year-old retiree—who once acted as the CEO of Citigroup's Emerging Markets division and as the CEO of Citibank—sold nearly $30 million in Citigroup stock before the bank announced first-quarter losses totaling hundreds of millions of dollars related to its Argentina operations.

Those losses caused...
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