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Citigroup (C) Fined $30 Million for Leaking Confidential Information to SAC

  +Follow October 3, 2013 10:27AM
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Investment bank Citigroup (C) was hit with a $30 million fine for supplying secret information to several hedge funds in what appears to be an insider trading scheme concerning the stock of Apple, Inc. (AAPL) . Aside from T. Boone Price, Citadel, and GLC Partners, the most notable hedge fund included in the allegations is SAC Capital, the $15 billion fund that is already facing extensive criminal charges from the US government concerning “rampant insider trading.”

Investigators assert that analyst Kevin Chang from the Taiwanese branch of Citigroup leaked a December 2012 report to the hedge funds. The report included data from an Apple iPhone manufacturer that indicated iPhone production was expected to drop. At least three funds executed sales of Apple stock between the leak and the official publishing of the Citigroup report.

SAC is already in hot water with regulators. SAC’s CEO, Steven. A. Cohen, faces charges from the Securities and Exchange Commission for failing to adequately supervise traders in his employ who were engaging in unethical trading. The scope of the insider trading at SAC was described by Manhattan US Attorney Preet Bharara as “substantial, pervasive and on a scale without precedent in the hedge-fund industry.”

Both SAC and Citigroup have faced intense scrutiny from regulators over the past few months. In August Citigroup was forced to settle out with disgruntled investors for $590 million for hiding toxic assets.

It is unclear if the Stamford, Conn.-based SAC will face any further charges stemming from acting on the Apple leak and subsequent stock dump.

Citigroup dropped .55 percent to hit $48.44 a share.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for c
Steph
23 Nov 14 23:34:17
RT @FakeBruinNation: .@FiveFiveSix The definition of $c "class" #livelikePac #RIP36 http://t.co/GW14ib1Kyo
Michelle Flores
23 Nov 14 23:29:45
RT @FakeBruinNation: .@FiveFiveSix The definition of $c "class" #livelikePac #RIP36 http://t.co/GW14ib1Kyo
FinSentS SP500
23 Nov 14 23:12:08
$C:US Citigroup Inc. Boosts Infoblox Price Target to $14.00 (BLOX) #CITIGROUP INC http://t.co/HDJicuxm3d #SP500
UCLA Bruins Daily
23 Nov 14 23:09:27
BEAT SOUTHERN CAL: UCLA Football vs. $C Rivalry Showdown Game Thread http://t.co/QkX2OOW79S
LinvestResearch
23 Nov 14 23:08:06
“@LinYingjun: $BAC money flows to financial sector. $C $JPM $GS $XLE”
Maziar Jafari
23 Nov 14 22:57:16
RT @FakeBruinNation: .@FiveFiveSix The definition of $c "class" #livelikePac #RIP36 http://t.co/GW14ib1Kyo
Patrick Cormier
23 Nov 14 22:47:18
Unreal “@FakeBruinNation: .@FiveFiveSix The definition of $c "class" #livelikePac #RIP36 http://t.co/rI6jLGbhbh”
ajones
23 Nov 14 22:46:02
RT @FakeBruinNation: .@FiveFiveSix The definition of $c "class" #livelikePac #RIP36 http://t.co/GW14ib1Kyo
TickerChirp
23 Nov 14 22:24:07
The Top Tweets Relevant to $C (Citigroup Inc symbol C) on 11/24/2014 http://t.co/rJEUKySzCm
TwistNHook
23 Nov 14 22:22:02
RT @FakeBruinNation: .@FiveFiveSix The definition of $c "class" #livelikePac #RIP36 http://t.co/GW14ib1Kyo
Fake Bruinsnation
23 Nov 14 22:17:58
.@FiveFiveSix The definition of $c "class" #livelikePac #RIP36 http://t.co/GW14ib1Kyo
sab_option1
23 Nov 14 22:15:37
B%5%6 %($N%a%m%j %s%-% e!$B%+%D%*!& quot;%K%e! < %/$GF2$ G$¥ $C$?$ j(Bt~ M a( B?!$B %^%9% *!& t;;% ]%C% $¥$ C$ ?$ j( 0xF3FE @spamattack_bot
TLT
23 Nov 14 22:12:34
OK Here is a BULLISH List via my Weekly scan: $SFM $GLW $ATVI $C $PSX $NVDA $PCL $EMR $ETFC $VTR $ENDP $FE. Definitely some winners there.
Stockaholics
23 Nov 14 21:44:25
578% Gains On Penny Stocks in one month! Plus a New Pick Is Coming: http://t.co/2W3yKD2d5Q $VRS $LAS $C $WFC
T Schlayer
23 Nov 14 21:33:31
RT @Bruin1fan: @UCLA_recruiting @ABruinGirl Them "LA Fans", or $c for football and UCLA for basketball 😒
 April G.
23 Nov 14 21:33:06
@UCLA_recruiting @ABruinGirl Them "LA Fans", or $c for football and UCLA for basketball 😒
DT3
23 Nov 14 21:26:47
lakers lost, #UCLA smacked $c, #Cowboys beat the giants. #SurvivorSeries was pretty good. Frankie Edgar won. SPORTS YES YES YES!
Stockaholics
23 Nov 14 20:19:28
578% Gains On Penny Stocks in one month! Plus a New Pick Is Coming: http://t.co/2W3yKD2d5Q $BMSN $C $GE
Akilina Grinstead
23 Nov 14 19:48:05
Oct 17, 2014 In Preparation For Planned NYSE MKT Uplisting, CVSL Announces Reverse Stock Split DALLAS, $C
Eli Pritsker
23 Nov 14 19:16:04
RT @OhNo5000Bees: Early setups: $C, $PGNX, $HSOL, $EVC, $AMRN
OhNo5000Bees!
23 Nov 14 19:15:29
Early setups: $C, $PGNX, $HSOL, $EVC, $AMRN
JerseyChaser
23 Nov 14 18:28:14
You aint never lied. Noticing most $C fans have similar look and build RT @missnighthawk: @jerseychaser but sometimes it's fun ;)
Idean Shahangian
23 Nov 14 18:26:37
@D_Lucien15 I keep cracking up every year I see you do the failing two fingers after the $C game. LMAO Thanks for bringing it home, brother!
UCLA 9-2
23 Nov 14 18:08:56
@DJ_WR18 Odell pulled off a great one hand catch like the one you had against $c
Stockaholics
23 Nov 14 17:57:10
578% Gains On Penny Stocks in one month! Plus a New Pick Is Coming: http://t.co/2W3yKD2d5Q $VRS $LAS $C $WFC
Mickey Squires
23 Nov 14 17:47:43
@12thbruin this idiot sounds like an ESPN apologist for $c. Idiot!
Investors Hangout
23 Nov 14 17:15:09
chartguy89: C 53.66 Citigroup Inc Stock Charts $C Last http://t.co/YTb1QGmiqR
OptionsGod
23 Nov 14 17:15:09
$C and BAC weekly charts looks pretty bullish..might help SPX close pretty green on monthly candle by EOW
Wall Street
23 Nov 14 17:12:12
http://t.co/iQWRYqnOQl....Top penny stocks, NYSE, and NASDAQ trades from the stock market today. +296% last week. $AUY $ABX $C $CCI
chartguy89
23 Nov 14 17:09:53
C 53.66 Citigroup Inc Stock Charts $C Last Updated: 11/21/14 Last price: 53.66 Total volume: 15,142,101 C Stoc http://t.co/TmmO094iyj
Art Garcia
23 Nov 14 17:06:49
Prayed for all those $c fans today who's hearts are heavy. #UCLA #GoBruins #eightclap http://t.co/rZVUPpQuYz
androsForm
23 Nov 14 17:02:42
"@crosshairtrader: ... and there you go...the $XLF setting up $USB $GS $AIG $WFC $C $BAC $STUDY"
Jake13
23 Nov 14 16:49:51
C Year to date has changed +2.97% percent. +4.66% in the last 30 days. $C Citigroup Inc Full breakdown Last pr http://t.co/5zoC1Xxfck
Scenes from College
23 Nov 14 16:34:31
At http://t.co/KuF1hZbLxA -- Waving bye to the $C fans as they fled early in the 3rd quarter. Lmao! #UCLA #BRUI... http://t.co/1qfFFy16j9
PicsByRich521
23 Nov 14 16:29:19
Waving bye to the $C fans as they fled early in the 3rd quarter. Lmao! #UCLA #BRUINS #football #socal… http://t.co/yv8dNOtlzp
JR Martinez
23 Nov 14 16:09:33
RT @UCLA_Nation: S/O to @Ucla_Eaton88 for reeling in the butthurt $C fans. https://t.co/OCRrTwzyv7 #FUSC
Liam Blutman
23 Nov 14 15:52:35
RT @UCLA_Nation: S/O to @Ucla_Eaton88 for reeling in the butthurt $C fans. https://t.co/OCRrTwzyv7 #FUSC
Daniel G Eaton
23 Nov 14 15:51:46
RT @UCLA_Nation: S/O to @Ucla_Eaton88 for reeling in the butthurt $C fans. https://t.co/OCRrTwzyv7 #FUSC
Bruin Country™
23 Nov 14 15:44:03
S/O to @Ucla_Eaton88 for reeling in the butthurt $C fans. https://t.co/OCRrTwzyv7 #FUSC
JerseyChaser
23 Nov 14 15:36:27
@VegasBballMom they had a lot to say after $C went up early. Got mighty quiet after that though.
Langan Stocks
23 Nov 14 15:30:37
leahanne: Volume Alert - C 53.66 Citigroup Inc $C Hit a http://t.co/kCSmwjxnGd
JerseyChaser
23 Nov 14 15:30:04
As the $C fans that sat in front of me learned last night, you cant be as good looking as me, but I can be as obnoxious as you.
leahanne
23 Nov 14 15:29:41
Volume Alert - C 53.66 Citigroup Inc $C Hit a high today of 54.35 Closing the day 11/21/14 at 53.66 +0.14 +0.2 http://t.co/5jcYwq76op
jc82
23 Nov 14 15:26:22
RT @FinSentS_SP500: $C:US Citigroup : Chile hires banks ahead of potential bond sale #CITIGROUP INC http://t.co/ikMAoXeE4I #SP500
Dan
23 Nov 14 15:16:28
$C high open interest range is 50.00 to 55.00 for option expiration 11/22/2014. http://t.co/1RhAOzwEQ6
FinSentS SP500
23 Nov 14 15:11:19
$C:US Citigroup : Chile hires banks ahead of potential bond sale #CITIGROUP INC http://t.co/ikMAoXeE4I #SP500
Jean Cajucom
23 Nov 14 15:09:02
UCLA win over $C in football and water polo; $C loss in basketball DESPITE out-rebounding PSU and attempting 17 more FTs. Great wknd to be 🐻
Dan
23 Nov 14 15:01:24
$C Max Pain = 52.50. Maturity = 11/22/2014. Previous close = 53.66. http://t.co/VYq7PhvLwe
Agriconsultant
23 Nov 14 14:55:53
RT @crosshairtrader: ... and there you go...the $XLF setting up $USB $GS $AIG $WFC $C $BAC $STUDY
Lin/林莹君
23 Nov 14 14:32:56
$BAC money flows to financial sector. $C $JPM $GS $XLF "
				
				
  +Follow October 3, 2013 10:27AM
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