Citigroup To Pay $2.5M To Settle FINRA Trading Charges

Law360, New York (August 26, 2014, 11:13 AM ET) — Citigroup Global Markets Inc. will pay nearly $2.5 million to settle Financial Industry Regulatory Authority charges that it failed to provide best execution on some 22,000 customer trades and supervise this trading even after being alerted about the alleged problems, FINRA said Tuesday.

According to the bank’s consent agreement with FINRA, the failures partly occurred on a Citi trading desk for retail fixed-income securities. The desk used manual pricing methods for trades in nonconvertible preferred securities that did not appropriately incorporate the National Best Bid and…


Source: Law360

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