ARTICLE
8 February 2017

Citigroup To Settle SEC Charges Of Overbilling Advisory Clients

CW
Cadwalader, Wickersham & Taft LLP

Contributor

Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
Citigroup Global Markets, Inc. ("CGMI") agreed to pay $18.3 million to settle SEC charges that the dually registered investment adviser and broker-dealer had overcharged...
United States Corporate/Commercial Law

Citigroup Global Markets, Inc. ("CGMI") agreed to pay $18.3 million to settle SEC charges that the dually registered investment adviser and broker-dealer had overcharged, or could not demonstrate that it had properly charged, numerous advisory accounts.

The SEC Order stated that the overcharges were a result of CGMI's failure to implement policies and procedures designed to prevent overbilling and ensure that all required documentation was maintained.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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