FINRA Fines Citigroup $2M For Reporting Violations

Law360 (March 17, 2009, 12:00 AM EDT) -- The Financial Industry Regulatory Authority has fined Citigroup Inc.'s brokerage and securities unit $2 million for allegedly committing a range of trade-reporting violations between 1999 and 2006, the agency announced Tuesday.

Citigroup Global Markets published about 6,800 erroneous transactions in more than 170 securities around the time of the NASDAQ market opening on one day, in June 2005, according to FINRA.

Citigroup Global Markets' failure to “properly monitor” some of its trading systems resulted in those publications, as well as the publication of thousands of incorrect...
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