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Banking Law Keyed to Barr, 3rd Ed.
SEC v. Citigroup Global Markets, Inc.
Citation:
827 F. Supp. 2d 328, No. 11-Civ-7387 (2011)Facts
In 2007, as the mortgage-backed securities market began weakening, Citigroup allegedly created a billion-dollar fund called “Class V Funding III” to unload dubious mortgage assets. The SEC claimed Citigroup misrepresented to investors that the fund’s assets were attractive investments selected by an independent investment adviser, when in fact Citigroup had included a substantial percentage of negatively projected assets and then took a short position in those same assets. Citigroup realized profits of approximately $160 million from this arrangement, while investors lost more than $700 million. The SEC charged Citigroup with negligence under Sections 17(a)(2) and (3) of the Securities Act rather than intentional fraud, despite allegations suggesting Citigroup knew its actions were deceptive. The SEC and Citigroup submitted a proposed consent judgment where Citigroup would pay $285 million in penalties and disgorgement without admitting or denying the allegations.
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