CITIGROUP, INC Form CCP1 - Texto...

CITIGROUP, INC Form CCP1

© Conduct Costs Project 2012-2014

1

Name of bank / group

Date Event description

Full name of legal entity involved (and place of incorporation and principal place of business)

Source of information

Code (See CCP2)

Jurisdiction where event occurred (e.g., where fine imposed)

Name of regulator or other authority

Amount1 [GBP M]

Any specific observations of compiler

2009

Citigroup, Inc

16/02/2009

Award made in favour of the Claimant, Doug Shaw, who filed a private claim alleging wrongful termination of employment contract and defamation

Citigroup Global Markets, Inc. incorporated in Delaware with principal place of business in New York

The Financial Industry Regulatory Authority CG7

EMP USA FINRA Dispute Resolution

0.761

Case Reference – 2007-016780. The Claimant was awarded USD 1,200,000 USD with interest plus NYSE legacy forum fees of USD 18,000

Citigroup, Inc

01/03/2009

Fined by the Authority In relation to transactions for or with customers, the Firm failed to use reasonable diligence to ascertain the best inter-dealer market, and failed to buy or sell in such market so that the resultant price to its customers was as favourable as possible under prevailing market



CON USA

The Financial Industry Regulatory Authority

0.063

FINRA Case Reference: #2005003240801; The Firm also required to pay USD 19,192.04, plus interest in restitution to investors

1 These figures should be read subject to the points made under "Notes on the Interpretation of the Figures".



2





Code (See CCP2)



Amount1 [GBP M]


conditions.

Citigroup, Inc

17/03/2009

Fined for erroneous publication of non-bona fide quotations and transactions at and around the NASDAQ market opening on a Quadruple Witch Expiration Friday; systemic Order Audit Trail System (OATS) reporting violations; fixed income transaction reporting violations; limit order display violations and, related supervisory failures.



CON USA


1.250

These violations occurred in 2006 and prior years



3





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

31/07/2009

Compensation awarded to the Claimants, Wayne Hummer Investments LLC and Beverly Bank & Trust Company, N.A, who filed a private claim alleging breach of fiduciary duty, breach of contract, trade secrets, tortious conduct, conspiracy. The claimants averred that allegedly the Respondents used their confidential and misappropriated client information and trade secrets to unfairly pilfer the claimants’ clients and employees amongst other issues



OTH USA FINRA Dispute Resolution

0.461

Arbitration Case Number 08-02433. There were other respondents involved in the suit – Philip Morrison Burno, Daniel G. Hack, Patricia Ann Marsh and Michele C. Hughes. Together with the firm they were all found liable, jointly and severally, and were ordered to pay to the claimant – Wayne Hummer and Investments LLC the sum of USD 737, 608.00 in compensatory damages together with USD 500.00 as reimbursement of filing costs

Citigroup, Inc

22/09/2009

Fined and ordered to pay compensation to customers for failure to establish adequate systems and procedures to

Citigroup Global Markets, Inc. incorporated in Delaware with principal


CON USA


0.266

The firm was also ordered to pay a maximum of USD 250,000 to 284 potentially eligible customers



4





Code (See CCP2)



Amount1 [GBP M]


supervise the outsourcing of communications with customers about the sale of securities in the Vonage IPO in May 2006

place of business in New York

Citigroup, Inc

01/10/2009

Civil penalty levied for failure to file annual reports on time for the commodity pools it operates.

Citigroup Private Bank GP, Inc., incorporated in Delaware with principal place of business in New York

The Commodity Futures Trading Commission CG12

CON USA The Commodity Futures Trading Commission

0.063

For the fiscal period December 2004 to December 2007

Citigroup, Inc

12/10/2009

Fined for failure to (i) supervise complex trading strategies designed in part to minimize potential tax liabilities; and (ii) to report trades to an exchange and to adequately monitor Bloomberg messages



CON USA


0.375



5





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

20/10/2009

Compensation awarded to the Claimant, Isidore Mayrock as General Partner of REI 3 LLC, who filed a private claim alleging negligence, unsuitability, negligent misrepresentation, fraud, negligent supervision, breach of contract and breach of fiduciary duty




0.471

Arbitration Case Number – 08-02809. Citicorp Investment Services was also named as a Respondent however information about this entity has been hard to obtain. Public information are to the effect that this entity is a private company founded and incorporated in New York in 2011 and this particular claim has been filed in 2008. Both Respondents have been found liable and ordered to pay USD 754,000 in compensatory damages

Total (CC 2009): GBP 3.71 M



6





Code (See CCP2)



Amount1 [GBP M]


2010

Citigroup, Inc

24/03/2010

A settlement whereby the bank agreed to remit a USD 1.25 M penalty for failure to fully disclose its mortgage transactions to the general government. The Firm did not report 91,127 residential mortgage applications from 2004 through 2007

CitiFinancial, Inc incorporated in Maryland, USA and its principal place of business being Baltimore

North Carolina Commissioner of Banks CG15

DIS USA

The Conference of State Bank Supervisors and The American Association of Residential Mortgage Regulators

0.781

A joint statement released by the two entities – describing a settlement reached the Firm and 35 states

Citigroup, Inc

06/04/2010

Fined for disclosure and supervisory violations relating to the operation of its Direct Borrow Program



CON, DIS

USA


0.406

Citigroup, Inc

25/05/2010

A fine and disgorgement for supervisory failures related to an elaborate scheme to

Citigroup Global Markets, Inc. incorporated in Delaware


CON USA


0.938

The sanction represents a USD 750,000 fine and disgorgement of USD 750,000 in commissions which is being returned to



7





Code (See CCP2)



Amount1 [GBP M]


misappropriate trust funds belonging to cemeteries in Michigan and Tennessee.

with principal place of business in New York

the cemetery trusts as partial restitution

Citigroup, Inc

26/05/2010

Compensatory damages awarded to the Claimant, the Selan Family Trust dd 8/25/95. The Claimant filed a private claim alleging the following causes of action – breach of fiduciary duty, breach of contract, constructive fraud, and violation of FINRA, NASD and NYSE rules, unsuitability, failure to supervise. The causes of action relate to the purchase of a California tax free municipal bond.




0.344

Arbitration Case Number 08-04291. The firm was found liable and was ordered to pay compensatory damages in the sum of USD 550,504.96 and the sum of USD 375.00 as reimbursement of the claimant non-refundable portion of the filing fees



8





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

29/07/2010

Penalty levied for misleading investors about its exposure to subprime mortgage-related assets. Between July and mid-October 2007, Citigroup represented that subprime exposure in its investment banking unit was USSD 13 billion or les, when in fact it was more than USD 50 billion

Citigroup, Inc having its place of incorporation in Delaware and its principal place of business in New York

The Securities and Exchange Commission CG20

MAB USA The Securities and Exchange Commission

46.875

One current and one former executive of Citigroup were also charged and fined for their roles in causing Citigroup to make the misleading statements in an SEC filing

Citigroup, Inc

01/08/2010 Fine levied for having submitted inaccurate Form U5 filings.


The Financial Industry Regulatory AuthorityCG21

CON USA


0.094

FINRA Case Reference: #2009019551901Citigroup submitted a letter of acceptance, waiver and consent in which the firm was censored and fined



9





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

03/08/2010

Compensatory damages awarded to the private claimants, Gerald J. Kazma Revocable Trust and Amzak Capital Management, LLC, who have filed a claim asserting the following causes of action- breach of fiduciary duty, common law fraud, negligent misrepresentation, negligent management, negligent supervision and breach of contract. The causes of action relate to the purchase in Claimants’ accounts of ASTA three series 2006-1 and ASTA Five Series 2007-1A

Citigroup Global Markets, Inc. (formerly known as Citicorp Investment services) incorporated in Delaware with principal place of business in New York and Citigroup Alternative Investments LLC, incorporated and with its principal place of business in New York



1.136

Arbitration Case Number 09-02697. The two Firms were found liable and were ordered to pay both Claimants the sum of USD 908,648.00 each as compensatory damages



10





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

13/08/2010

Compensatory damages awarded to G.Kurstin. The Claimants, Gary A. Kurstin Trust, Ryan G. Kurstin Revocable Trust, Scott A. Kurstin/CUS Gary Kurstin, Bette Kurstin Declaration of Trust, filed claims alleging the following causes of action – negligence, misrepresentation, omission of material facts, failure to supervise, breach of contract and unsuitability.




46.875

Arbitration Case Number 09-02201. The Firm was found liable on the claim of negligence and was ordered to pay to only Claimant G. Kurstin compensatory damages in the amount of USD 75,000.00

Citigroup, Inc

06/10/2010

Punitive damages and costs awarded to the Claimants, Larry Hagman (individually), Larry Hagman & Maj I. Hagman Rev Trust, Larry Hagman & Maj I. Hagman, TTEE, Larry Hagman Rollover IRA




7.224

Arbitration Case Number 09-03251. The Firm was found liable and was ordered to pay – (a) USD 1,098,386.00; (b) USD 10,000,000.00 as punitive damages to a charitable organization of the Claimants’ choice; (c) USD 439,354.40 as



11





Code (See CCP2)



Amount1 [GBP M]


CGSM, The Hagman Insurance Trust UAD 03/21/06, filed a claim asserting the following causes of action- breach of fiduciary duty, breach of written contract, fraud by misrepresentation and omission, failure to supervise and control, violation of federal and state securities laws, statutory and common law, and NASD rules of fair practice and NYSE rules. The causes of action relate to unspecified securities in the claimants’ accounts held with the Respondent and the purchase of a life insurance policy

attorneys’ fees and (d) USD 20,387.00 as witness fees



12





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

29/11/2010

Damages and contribution to a charity ordered. The Claimant, Patricia Tynan Chapman, individually and as trustee of the Patricia Tynan Chapman Trust UAD 9/26/90, filed a claim alleging the following causes of action – breach of fiduciary duty, unsuitability, failure to recommend risk management strategies, negligence, negligent supervision, breach of contract. The causes of action relate to the Claimant’s investments in Washington Mutual stock




1.875

Arbitration Case Number 09-03077. The Respondent was found liable and was ordered to pay (a) USD 1,500,000.00 to the Claimant as compensatory damages and (b) USD 1,500,000.00 as donation to the charity or charities designated by the claimant.



13





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

01/12/2010

Fined and ordered to pay USD 10,099.99 in restitution to customers For failure to report transactions in TRACE-eligible securities to TRACE within 15 minutes of execution time



CON USA


0.256

The Firm was also required to pay USD 10,099.99 plus interest in restitution to customers.

Citigroup, Inc

03/12/2010

Compensatory damages awarded to the private claimants, Bertram E. Barnett, Jr, Robert L. Cockroft, Kathy C. Cockroft, Allen R. Graber, Bittjal Partners and Robert R. Yarbrough, who have filed a claim asserting the following causes of action – breach of fiduciary duty, breach of written contract, constructive fraud, violation of FINRA, NASD and NYSE rules, unsuitability, failure to




1.518

Arbitration Case Number 09-01796. The Firm was found liable and ordered to pay compensatory damages to the Claimants as follows : (a) Barnett – USD 398,898, (b) R and K Cockroft – USD 797,796, (c) Graber – USD 432,943, (d) Bittjal – USD 398,898, (e) Yarbrough – USD 398,898 plus USD 600 representing filing fees.



14





Code (See CCP2)



Amount1 [GBP M]


supervise and respondeat superior. The causes of action relate to the Claimants’ investments in, including but not limited to, MAT Five, a tax free municipal bond arbitrage fund

Citigroup, Inc

16/12/2010

Compensatory damages awarded to the Claimant, James D. Murphy, who filed a claim alleging the following causes of action – violation of Florida Statutes Chapter 517, unsuitable recommendations and investments, negligence, breach of fiduciary duty, failure to supervise, common law fraud, excessive trading, and churning.




0.652

Arbitration Case Number 08-04276. The Respondent was found liable of negligence, for having failed to supervise and was ordered to pay compensatory damages in the sum of USD 1,042,986.22 plus interest.



15





Code (See CCP2)



Amount1 [GBP M]


The causes of action relate to the excessive use of margin and numerous unauthorized and unsuitable transactions in claimant’s account involving numerous securities including but not limited to the following – 7th Level Technology, Aztec Technology partners, Chase Manhattan Corp etc.



16





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

17/12/2010

Administrative monetary penalty levied in respect of deadlines missed for the filing of 12 financial reports and submission of two reports containing false data on how many shares it held in companies

4 Divisions involved, amongst them, Citigroup Global Markets, Inc. incorporated in Delaware with principal place of business in New York

Bloomberg Website CG29

CON Japan Financial Services Agency

0.172

A link to the press release on the Financial Services Agency is available online but only in Japanese. No English version is available

Total (CC 2010): GBP 109.15 M



17





Code (See CCP2)



Amount1 [GBP M]


2011

Citigroup, Inc

07/02/2011

Compensatory damages awarded to the Claimants, D. Theodore Berghorst, Berghorst Snowbird LLC, Berghorst 1998 Dynastic Trust, Deborah H. Berghorst, as Trustee of the Berghorst 1998 Dynastic Trust Vector Managed Holdings, LLC, alleging the following causes of action – fraud, misrepresentations, negligent misrepresentation, breach of fiduciary duty, negligence, breach of contract, violation of the Florida Securities and Investor Protection Act, violation of Section 10 (b) of the Exchange

Citigroup Global Markets, Inc. incorporated in Delaware with principal place of business in New York (doing business as Smith Barney) and Citigroup Alternative Investments LLC, incorporated and with its principal place of business in New York



3.987

Arbitration Case Number 08-04466. The two Firms were found liable and ordered to pay compensatory damages in the sum of USD 6,379,021.00. CGMI is solely responsible for 75% of the amount awarded and CAI is solely Responsible for 25% of the amount awarded.



18





Code (See CCP2)



Amount1 [GBP M]


Act and Rule 10b-5 promulgated thereunder, violation of section 20(a) of the Exchange Act. The causes of action relate to the purchase of shares of the MAT Two LLC, MAT Three LLC and MAT Five LLC funds in the Claimants’ account.

Citigroup, Inc

01/03/2011

Fined levied : the Firm sold Unit Investment Trusts (UITs) that imposed a deferred sales charge without disclosing that the UITs were subject to a deferred sales charge on its confirmations as NASD Rule 2830(n) required.



DIS USA


0.016

FINRA Case Reference #2008015701201 Citigroup submitted a letter of acceptance, waiver and consent in which the firm was censored and fined



19





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

01/03/2011

Settlement reached in the claim filed by IB Corp Investments and Business Group, asserting the following causes of action – breach of fiduciary duty, breach of contract, negligence, gross negligence, fraud. The causes of action relate to equity and options transactions in Claimant’s account




0.375

Arbitration Case Number 09-05496. The parties reached a settlement in the amount of USD 600,000.

Citigroup, Inc

09/08/2011

Fined for failure to supervise a former registered sales assistant at the firm’s branch office in Palo Alto, California.



CON USA


0.313

FINRA barred Tamara Moon from the securities industry



20





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

03/10/2011

The Securities and Futures Commission of Hong Kong has fined the bank for failing to reveal important information in relation to an employee’s apparent fraudulent scheme

Citigroup Global Markets Asia Limited incorporated with its main place of business in HongKong

The Securities and Futures Commission Website CG34

DIS Hong Kong The Securities and Futures Commission

0.492

An employee’s license has also been suspended for 8 months

Citigroup, Inc

25/10/2011

Compensatory damages awarded to the Claimant, Michael J. Mohan, who filed a claim asserting the following causes of action – fraud, breach of fiduciary duty, breach of contract, use of manipulative, deceptive or other fraudulent devices, failure to meet standards of commercial honor and principals of trade; lack of suitability; failure to properly main books and




0.406

Arbitration Case Number: 11-00045. The firm was found liable and ordered to pay the sum of USD 500,000 in compensatory damages; interest at the rate of 6%, costs in the sum of USD 5, 035, attorneys’ fees in the sum of USD 120,720, costs for expert witness fees in the sum of SD 22,800 and the sum of USD 1,200 as reimbursement of non-refundable portion of filing fee



21





Code (See CCP2)



Amount1 [GBP M]


records; failure to execute; negligence and failure to supervise.

Citigroup, Inc

31/12/2011 Legal and related costs Citigroup Inc Annual Report 2012

OTH Global 1,369.850

In the 2012 Annual Report, there was enclosed the Form 10 K in which it is specified that the legal and other related costs incurred in 2011 amounted to USD 2.2 Billion. USD 2,191.76M is the unaccounted difference which has not been obtained from the media and/or other sources (=USD8.924M).

Total (CC 2011): GBP 1,375.44 M



22





Code (See CCP2)



Amount1 [GBP M]


2012

Citigroup, Inc

01/01/2012

Fined for failure to establish and maintain a supervisory system and adopt, maintain and enforce WSPs reasonably designed to achieve compliance with the disclosure requirements for municipal securities transactions.



CON USA


0.047

FINRA Case Reference #2009018038501 Citigroup submitted a letter of acceptance, waiver and consent in which the firm was censored and fined

Citigroup, Inc

18/01/2012

Fined for failing to disclose certain conflicts of interest in its research reports and research analysts’ public appearances



DIS USA


0.453

Citigroup, Inc

20/01/2012

Award made in favour of the claimants against Citigroup. Three advisers – (i) James Bryan Minchello; (ii) Robert

Citigroup Global Markets, Inc. incorporated in Delaware with principal

The Financial Industry Regulatory Authority and Thomson Reuters News


15.000

Arbitration Case No. 09-02800. The USD 24 Million is made up as follows: (i) USD 15.8 million in compensatory damages, USD 1Million in sanctions and about USD 7



23





Code (See CCP2)



Amount1 [GBP M]


Vincent Minchello and (iii) Martha Jane Sullivan. The claim lodged by a team of institutional advisers related to a breach of contract and failure by the Firm to compensate the claimants for certain transactions

place of business in New York

and Insight CG38

Million in interest.

Citigroup, Inc

25/01/2012

Award made in favour of the claimant. The Claimant, Edward Laurence Bowne, filed a claim asserting the following causes of action: age discrimination in violation of the Florida Civil Rights Act, age discrimination in violation of age discrimination in Employment Act, violation of the Family and Medical Leave Act. The causes of




0.313

Arbitration Case Number: 09-04852



24





Code (See CCP2)



Amount1 [GBP M]


action relate to the Claimant’s termination of employment with the Firm

Citigroup, Inc

26/01/2012

Award made in favour of the claimants. The Claimants, (i) Daniel J. Murphy TTEE and Catherine T. Murphy TTEE U/A/D 07-30-1997 FBO Murphy Family Trust and (ii) Joseph Yurman, filed a claim asserting the following causes of action – breach of fiduciary duty, negligence and aiding and abetting, breach of fiduciary duty. The causes of action relate to MAT Five LLC Fund National Portfolio

Four related entities involved - (a) Citigroup Global Markets, Inc. incorporated in Delaware with principal place of business in New York; (b) Citigroup Alternative Investments LLC, incorporated and with its principal place of business in New York; (c) Citigroup Inc, with place of



0.594

Arbitration Case Number 09-03065. The breakdown: (i) USD 475,000 for Claimant No.1 and USD 475,000 for Claimant No.2



25





Code (See CCP2)



Amount1 [GBP M]


incorporation Delaware and principal place of business New York and (d) Citigroup Fixed Income Alternatives – no information could be obtained about this entity other than it being part of the Citigroup Hedge Fund business



26





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

01/02/2012

Fined for failure to retain millions of email requests in FINRA investigations and other matters together with a finding that the Firm’s supervisory systems and procedures relating to the retention of electronic communications were deficient in that they failed to timely detect the email retention failures and as a result, did not ensure that emails were being adequately retained.



CON USA


0.469

FINRA Case Reference: #20010021823101 Citigroup submitted a letter of acceptance, waiver and consent in which the firm was censored and fined

Citigroup, Inc

02/02/2012

Settlement reached for having defrauded the Federal Housing Administration by inaccurately claiming that certain mortgages were eligible for government insurance

Three entities: (i) Citigroup Inc, with place of incorporation Delaware and principal place of business New

The United States Department of Housing and Urban Development

OTH USA

The United States Department of Housing and Urban Development and the Federal Housing Administration

98.938

An civil action was entered before the United States District Court Southern District of New York but thereafter a Stipulation and Order of Settlement and Dismissal was entered by the the United States Attorney for the Southern District of



27





Code (See CCP2)



Amount1 [GBP M]


York (ii) Citibank N.A, Inc is an entity chartered under the National Bank Act incorporated and operating in Sioux Falls, South Dakota and (iii) CitiMortgage, Inc is incorporated under the Laws of the State of New York with its main place of business O’Fallon, Missouri

New York



28





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

09/02/2012

The settlement is in relation to mortgage loan servicing and foreclosure abuses committed by mortgage services. This particular settlement concerns 5 biggest US mortgage servicers

CitiMortgage, Inc is incorporated under the Laws of the State of New York with its main place of business O’Fallon, Missouri

The US Department of Justice Website and the SEC Form 8-K filed by Citigroup CG43

OTH USA

The US Federal Government and 49 US States

1,375.000

The global settlement with the 5 mortgage servicer’s amount to USD 25 Billion. Citigroup’s portion of the settlement is particularised in the bibliography.

Citigroup, Inc

09/03/2012

Compensatory damages awarded to the Claimant, Christopher Puglisi, who filed a claim alleging the following causes of action – breach of fiduciary duty, breach of contract, fraud, violations of FINRA, NASD and NYSE Rules, unsuitability, failure to supervise and respondent superior. The causes of action relate to the MAT Five




0.442

Arbitration Case Number 10-00860. The Firm was found liable and the figures are made up as follows – USD 706,759.00 as compensatory damages and USD 375 as non-refundable FINRA filing fee. The Claimant was also awarded pre-judgment interest.



29





Code (See CCP2)



Amount1 [GBP M]


bond fund.

Citigroup, Inc

12/03/2012

The settlement relates to mortgage loan servicing and foreclosure abuses

CitiMortgage, Inc is incorporated under the Laws of the State of New York with its main place of business O’Fallon, Missouri

The Securities and Exchange Commission CG45

OTH USA

The US District Court for the State of Oklahoma

0.938

Citigroup settled into a separate settlement with the State of Oklahoma which did not participate in the national Mortgage Settlement involving 49 US States. The Settlement was court approved (Docket Number CJ-2012-1537 – Owen, J)

Citigroup, Inc

19/03/2012

Fine and restitution order in relation to the charging of excessive mark-ups and markdowns on corporate and agency bond transactions and for related supervisory violations

Citi International Financial Services LLC with both its place of incorporation and principal place of business in Puerto Rico


CON USA


0.780

USD 600,000 as fine and ordered to pay more than USD 648,000 in restitution and interest to more than 3,600 customers



30





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

22/05/2012

Fined for providing inaccurate mortgage performance information, supervisory failures and other violations in connection with subprime residential mortgage-backed securitizations (RMBS)



CON USA


2.188

Citigroup, Inc

01/07/2012

Fined for selling leveraged and inverse exchange-traded funds (ETFs) without reasonable supervision and for not having a reasonable basis for recommending the securities.



CON USA


1.342

The Firm was also ordered to pay USD 146,431 in restitution

Citigroup, Inc

05/09/2012

Compensatory damages awarded to the Claimant, Margaret Hill, who asserted the following causes of action in her claim – misrepresentation of material facts,




0.919

Arbitration Case Number 11-02196. The Firm was found liable and ordered to pay compensatory damages plus interest at the rate of 9% per annum from the date of the award until the award is paid in full



31





Code (See CCP2)



Amount1 [GBP M]


omission of material facts, unsuitable investments, failure to supervise, fraud, negligence, negligent misrepresentation, breach of contract, breach of fiduciary duty, violation of FINRA conduct rules and violation of NYSE rules. The causes of action relate to Rochester Municipal Fund

Citigroup, Inc

21/09/2012

Fined for exceeding speculative position limits in wheat futures contracts in trading on the Chicago Board of Trade

Two entities: (i) Citigroup, Inc with place of incorporation Delaware and principal place of business New York and (ii) Citigroup Global Markets

The Commodity Futures Trading CommissionCG50

CON USA The Commodity Futures Trading Commission

0.328

Both entities have been jointly fined the sum of USD 525,000.



32





Code (See CCP2)



Amount1 [GBP M]


Limited, with place of incorporation and principal place of business London UK

Citigroup, Inc

01/10/2012

Fined for having failed to report transactions in TRACE-eligible securities to TRACE within 15 minutes of execution time, failed to report the correct trade execution time for transactions in TRACE-eligible securities to TRACE, failed to show the correct execution time on the memoranda of brokerage orders and reported transactions in TRACE-eligible securities that it was not required to report.



CON USA


0.583

FINRA Case Reference #2011025675401; The Firm was also required to pay USD 32,355.82, plus interest, in restitution to customers



33





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

26/10/2012

Settlement reached in relation to, among other things – Supervisory failures to wit: failure to prevent or detect the written disclosure of material, non-public research information in a restricted period prior to the Facebook IPO; various violations of securities laws; violation of FINRA Rule 2010 and NASD Rules 2711 and 3010

Citigroup Global Markets, Inc. incorporated in Delaware with principal place of business in New York (more specifically Citigroup Investment Research ( a business unit of CGGMI)

The Office of the Secretary of the Commonwealth of Massachusetts, Securities Division CG52

SEC USA

The Office of the Secretary of the Commonwealth of Massachusetts, Securities Division

1.250

The Junior Analyst who disclosed the non-public information was also fired

Citigroup, Inc

27/12/2012

Fined and ordered to restitute USD 391,106 for having violated fair dealing and supervisory rules of the Municipal Securities Rulemaking Board by obtaining reimbursement for these voluntary payments to pay the lobbying groups



CON USA


0.799

The bank was ordered to pay USD 888,000 in fines and USD 391,106 in restitution



34





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

31/12/2012 Legal and related costs Citigroup Inc Annual Report 2012

OTH Global 246.688

In the 2012 Annual Report, there was enclosed the Form 10 K in which it is specified that the legal and other related costs incurred in 2012 amounted to USD 2.8 Billion. USD 394.7 M is the unaccounted difference which has not been obtained from the media and/or other sources (=GBP 2,405.3 millions).

Total (CC 2012): GBP 1,747.07 M



35





Code (See CCP2)



Amount1 [GBP M]


2013

Citigroup, Inc

30/05/2013

Fined for violations in relation to trade reporting, supervision violation, OATS reporting, market order timeliness and best execution and record keeping



CON USA


0.483

Ref. No.20070104513-01 Citigroup submitted a letter of acceptance, waiver and consent in which the firm was censored and fined

Citigroup, Inc

01/07/2013

Settlement reached with The Federal National Mortgage Association in relation to the misrepresentation of the quality of home loans sold

Citigroup, Inc with place of incorporation Delaware and principal place of business New York

The Washington Post and Thomson Reuters Webpages CG2

OTH USA Federal Housing Finance Agency

584.047

Citigroup, Inc

26/07/2013 Fined for violations of FINRA and NASD rules



CON USA


0.022

Ref. No.20110292896-01 Citigroup submitted a letter of acceptance, waiver and consent in which the firm was censored and fined USD 15,000 and was also imposed, a restitution of USD 21,250.50 to



36





Code (See CCP2)



Amount1 [GBP M]


counterparties involved

Citigroup, Inc

07/08/2013

Fined for violations in relation to SEC and FINRA rules, supervision, OATS and book and record keeping



CON USA


0.094


Citigroup, Inc

20/08/2013 Fined for OATS violations



CON USA


0.036


Citigroup, Inc

20/08/2013

Settlement with Bondholders to resolve claims that bank concealed its exposure to toxic mortgage assets prior to the financial crisis


Thomson Reuters Webpage CG6

OTH District of New York, USA

U.S District Court, Southern District of New York

440.449

The case reference: Citigroup Inc Bond Litigation, U.S District Court, Southern District of New York, No. 08-09522



37





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

23/08/2013 Fined for violations FINRA, NASD and MSRB Rules



CON USA


0.087

Ref. No.20090201886-01 Citigroup submitted a letter of acceptance, waiver and consent in which the firm was censored and fined USD 100,000; a restitution of USD 43,582.24 was also imposed

Citigroup, Inc

25/09/2013

Settlement reached with The Federal Home Loan Mortgage Corporation on claims relating to representations and warranties on single-family loans sold to Freddie Mac

1. Citibank N.A, Inc,an entity chartered under the National Bank Act incorporated and operating in Sioux Falls, South Dakota and 2. CitiMortgage, Inc, incorporated under the Laws of the State of New York with its

Freddie Mac WebpageCG8

OTH USA Federal Housing Finance Agency

212.381

Under the agreement, Citigroup agreed to pay to The Federal Home Loan Mortgage Corporation a total of USD 395 M less credits of USD 43 M for repurchases already made and for reconciling adjustments.



38





Code (See CCP2)



Amount1 [GBP M]


main place of business O’Fallon, Missouri

Citigroup, Inc

26/09/2013 Fined for violations in relation to FINRA and NASD Rules



CON USA


0.020


Citigroup, Inc

03/10/2013

Fined levied after one of the group’s analysts improperly sent confidential research on an Apple supplier to big clients


Secretary of the Commonwealth of Massachusetts web page CG10

CON USA

Office of the Secretary of the Commonwealth of Massachusetts, Securities Division

18.101

Consent Order



39





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

22/10/2013 Fined for violations of FINRA and NASD Rules



CON USA


0.042


Citigroup, Inc

19/11/2013 Fined for violations FINRA Rules



CON USA


0.036


Citigroup, Inc

04/12/2013

European Commission fines the Group for participating in cartels in the interest rate derivatives industry


European Commission Webpage CG13

MAB Europe European Commission

58.200

Involvement in the collusion on JPY LIBOR submissions



40





Code (See CCP2)



Amount1 [GBP M]


Citigroup, Inc

18/12/2013 Fined for violations MSRB Rules



CON USA


0.009


Total (CC 2013): GBP 1,314.01 M

Total (CC 2009-2013): GBP 4,549.37 M



41





Code (See CCP2)



Amount1 [GBP M]


Provisions as at 31 December 2013

Citigroup, Inc

31/12/2013 Contingencies arising from Litigation and Regulatory Matters

Citigroup Inc

Annual Report and Consolidated Accounts 2013 Citigroup Website CG15

OTH, PVN

USA Annual Report 2013

3,016.773

Note 28 at page 303 of the Annual Report 2013 – the only figure given in regards to litigation or regulatory matters. However, the same is referred to as ‘the reasonably possible unaccrued loss in future periods’ No particular note on what kind of costs.

Total (Provisions as at 31 December 2013): GBP 3,016.77 M

Grand Total (CC 2009-2013 + Provisions as at 31 December 2013): GBP 7,566.14 M

CITIGROUP, INC Form CCP1 - Texto...

Documents

Transcript of CITIGROUP, INC Form CCP1 - Texto...