SEC Fines Morgan Stanley and Citigroup $6M over FX Platform CitiFX Alpha

[kreslik.news]

Morgan Stanley and Citigroup have finalized an agreement to pay U.S. authorities $5.9 million combined to settle claims that they misled investors with the trading conditions on the FX platform of the brokerage firm Smith Barney, which they jointly own.

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The firms agreed to pay the fine without admitting or denying violations, according to the notice. The breakdown statement includes each company paying $624,458 disgorgement of ill-gotten gains, in addition to interest of $89,277 and a $2.25 million penalty.

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