Citigroup Execs Still On The Hook For Fund Scheme

Law360, New York (April 26, 2006, 12:00 AM EDT) -- Charges that two former Citigroup Inc. executives siphoned off tens of millions of dollars in mutual shareholder fees will be allowed to move forward, a federal judge ruled this week.

The U.S. Securities and Exchange Commission has alleged that the former executives, Thomas W. Jones, the former chief executive of Citigroup Asset Management, and Lewis E. Daidone, former treasurer and chief financial officer of Citigroup’s Smith Barney mutual fund family, were "principally responsible" for a transfer-agent scheme carried out between 1999 and 2004.

According to the...
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