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Citigroup Global Markets, Inc. f/k/a Salomon Smith Barney, Inc.

Citigroup Global Markets, Inc. f/k/a Salomon Smith Barney, Inc. (CRD #7059, New York, New York) received a censure and fine of $225,000, including disgorgement of profits of $125,000. According to the findings, the firm, as managing underwriter or syndicate member in hot initial public offerings (IPOs), placed an aggregate of shares of canceled customer orders into proprietary branch error accounts after secondary trading commenced, and sold those shares at a profit. The findings also stated that the firm failed to have an adequate system in place to ensure that customer cancellations of IPO allocations were properly handled in compliance with NASD's Free-Riding and Withholding Rule. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #C05030021)

Did Citigroup Global Markets, Inc. f/k/a Salomon Smith Barney, Inc. manage your investments?

 

 

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