Citigroup and Deutsche Bank face ‘criminal cartel’ charges

Citigroup and Deutsche Bank are facing criminal charges in Australia following an investigation into their role in the sale of shares in one the country’s top banks.

The Australian Competition & Consumer Commission (ACCC) said Friday that it expected prosecutors to bring “criminal cartel” charges against Citigroup (C), Deutsche Bank (DB) and the Australian bank, ANZ (ANZBY).

The regulator said the charges will concern trading in ANZ’s stock after it issued 81 million new shares worth about 2.5 billion Australian dollars ($1.9 billion) in August 2015 in a deal backed by Citigroup and Deutsche Bank.

Read on.

One response to “Citigroup and Deutsche Bank face ‘criminal cartel’ charges

  1. Reblogged this on California freelance paralegal and commented:
    If only the government agencies in the United States were as serious about punishing the big banks for their crimes as they are in Australia.

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