SEC Orders Citigroup To Stick To GAAP

Law360, New York (June 16, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission issued a cease-and-desist order Monday against Citigroup Inc., citing improper reporting and accounting procedures that misstated the company’s losses in connection with Argentina’s fiscal and political upheaval in 2001.

The SEC implemented the cease-and-desist order after accepting a settlement offered by Citigroup that entails undisclosed sanctions but does not include a fine for the infractions.

The commission found that in 2001 and 2002, Citigroup violated generally accepted accounting principles in four Argentine transactions, and consequently overstated its income in the...
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