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Citigroup’s investment advisement subsidiary, Citigroup Global Markets, today agreed to dole out $18.3 million to end the U.S. regulator’s allegations that it overbilled about 60,000 advisory clients.
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The Securities and Exchange Commission (SEC) said the bank overcharged clients by approximately $18 million over a 15-year period because it lacked procedures to validate whether clients were properly billed in comparison to fee rates outlined in client contracts, billing histories, and other documents.
The bank was also charged with collecting fees during time periods when clients suspended ... (read more)