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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.

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Results for c
tom renna
1 Sep 15 05:06:31
Seven $DiIA Dow Stocks not in index March 2009. $CSCO $TRV $UNH $V $GS $NKE $AAPL Stocks gone $GM $C $KHC $AA $BAC $HPQ $T
Julie
1 Sep 15 04:40:10
RT @sanglucci: Quietly here this $C is kinda interesting...
DISH_NETWORK
1 Sep 15 04:35:32
$2015 Ki BiG ID $All SatLite Update $New Channel $New Biss Key $ALL SiM Trix $MoBiLe Trix $C_LINE ON @DISHTRIXS_HD SND:40404
Craig Scott
1 Sep 15 04:33:33
@sm_sears worked well for $c
StockNewsWires
1 Sep 15 04:14:02
$C: Bubbly Stocks in Focal Point- Citigroup Inc. (NYSE:C), Blyth, Inc …: http://t.co/pOXCJIpvKJ
Miracle Cures
1 Sep 15 04:10:21
MyGreenito: RT Potstocks1: 5 Reasons to Invest in #Cannabis in 2015 http://t.co/G9ipiXPrOu #stocks #greenrush $C… http://t.co/WMM2BOocbs
Leroy Brown
1 Sep 15 04:04:52
Assuming a $2bn capex profile for $FCX, the O&G unit could burn $0.9 bln in 2016 ($59/bbl) and $0.6 bln in 2017 ($64/bbl), $C says (7/7)
Leroy Brown
1 Sep 15 04:04:48
$C thinks the best opp for $FCX to improve their free cash profile is to eliminate their O&G exposure with no synergies to core biz (6/7)
Leroy Brown
1 Sep 15 04:04:43
$FCX estimates included a significant working capital drawdown that $C expects to be $1.8bn (5/7)
Leroy Brown
1 Sep 15 04:04:38
$FCX guided to an impressive OCF est of $6.3b for 2016 at $2.25/lb copper and $54/bbl oil, $C says (4/7)
Leroy Brown
1 Sep 15 04:04:30
$C cites analysis of (lack of) expected copper supply response to the current price environment regarding $FCX (2/7)
Leroy Brown
1 Sep 15 04:04:26
$C downgrades $FCX to Neutral from Buy, lowers PT from $20/sh to $12/sh (1/7)
Roy Adams
1 Sep 15 03:34:55
#20bubbles: How universal #banks compare on capital, profitability and valuation. $BAC $C #Commerzbank $DB $JPM $UBS http://t.co/JBBjLCb25w
Deveree Greenwood
1 Sep 15 02:58:28
Banks Are Getting Rich Off of Your ATM Fees http://t.co/567NizZUh2 via @daily_finance $BAC $C $WFC.TEAMDEVEREE watch bank ATMfees; but shop
Deveree Greenwood
1 Sep 15 02:50:12
Banks Are Getting Rich Off of Your ATM Fees http://t.co/567NizZUh2 via @daily_finance $BAC $C $WFC. Use a CONSUMER FRIENDLY BANK policy!
A. Leach
1 Sep 15 01:58:48
RT @sanglucci: Quietly here this $C is kinda interesting...
TalkMarkets Recap
1 Sep 15 01:09:04
It Was All Yellow - Financial Review @MonsoonWM $GS $AAPL $C http://t.co/UjhbsFmW8L
StockenheimerSchmidt
31 Aug 15 23:28:28
Our Stock Alert On $GEQU More Than QUINTUPLED In 2 Months! See Our Next Big Pick: http://t.co/tPsYlfY2Xf $BMSN $C $GE
Stock Dawgzz
31 Aug 15 23:27:28
MASSIVE Gains On Penny Stock Picks And The Next Major Pick Is This Week! Big News: http://t.co/hWNboSgA54 $BMSN $C $GE
Penny Stockington
31 Aug 15 23:26:32
Our Platinum Members Have Seen $GEQU Gain 448.62% So Far! See Our Major New Pick Early: http://t.co/K8xZlOSSFL $BMSN $C $GE
Boycott the Lenders
31 Aug 15 22:07:20
It Was All Yellow - Financial Review $GS $AAPL $C http://t.co/2ZkUuBsEiE #talkmarkets
Boycott the Lenders
31 Aug 15 22:07:03
It Was All Yellow - Financial Review $GS $AAPL $C http://t.co/2ZkUuBsEiE
chris Conner
31 Aug 15 21:53:55
RT @CBOE: Actives on open @ CBOE: $AAPL $BAC $TWTR $FB $NFLX $XOM $FCX $C $TSLA
Analyst Actions
31 Aug 15 21:07:02
$C: Bullish analyst action by Guggenheim Securities on Citigroup: http://t.co/xzeYcvBgTj http://t.co/7tmEiNqrcy
King of investments
31 Aug 15 19:47:14
Citigroup: Tangible Book Value Does Not Mean Liquidation Value http://t.co/TurIYwWGR8 $C
sab_option1
31 Aug 15 19:45:40
B%5%6 %($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
Capital Market Labs
31 Aug 15 18:57:26
$BAC vs. $C Head to Head http://t.co/Gl5tkB2JAn http://t.co/cs3AuSYVUx
Siraj Solution
31 Aug 15 18:38:37
#August 31, 2015 at 09:20PM #Anonbot La premiere partie des Leaks du Piratage des sites $c… http://t.co/AOKnNG3sWr …
Siraj Solution
31 Aug 15 18:38:35
August 31, 2015 at 09:20PM #Anonbot La premiere partie des Leaks du Piratage des sites $c… http://t.co/AOKnNG3sWr …
Siraj Solution
31 Aug 15 18:37:51
August 31, 2015 at 09:20PM #Anonbot La premiere partie des Leaks du Piratage des sites $c…... http://t.co/dMpl0xh8ya
Siraj Solution
31 Aug 15 18:37:44
August 31, 2015 at 09:20PM #Anonbot La premiere partie des Leaks du Piratage des sites $c… http://t.co/AOKnNG3sWr http://t.co/vF2AMNt2eT
arXiv math.OA
31 Aug 15 18:28:17
Takashi Kawahara : Fundamental group of $C^{*}$-algebras with finite dimensional trace space http://t.co/fOUDyjqWBe
Marvin Clark
31 Aug 15 18:27:54
It Was All Yellow - Financial Review @MonsoonWM $GS $AAPL $C http://t.co/cDydANQf2w
TalkMarkets
31 Aug 15 18:27:54
It Was All Yellow - Financial Review @MonsoonWM $GS $AAPL $C http://t.co/oHXY4A8Rcf
Xavyer
31 Aug 15 18:18:48
Eu Qro!! Kkkkk $c https://t.co/fdQNckOLY1
Analyst Actions
31 Aug 15 17:47:02
$C: Bullish analyst action by Guggenheim Securities on Citigroup: http://t.co/xzeYcvBgTj http://t.co/wRxUYkAI9q
Michael James
31 Aug 15 17:24:43
Subscribers Saw A 525% Gain On $GEQU & A SECRET New Pick Is Out! See The Private Info: http://t.co/RzgF9M02nG $BMSN $C $GE
JoaquimAgustiCoderch
31 Aug 15 17:24:28
Citigroup: Tangible Book Value Does Not Mean Liquidation Value http://t.co/YdLonLhMIj $C
Paul Henry
31 Aug 15 17:21:42
We Sent A SECRET New Penny Stock Pick To Our Platinum Members! Get Exclusive Special Access: http://t.co/sJCFystTVz $BMSN $C $GE
Capital Market Labs
31 Aug 15 17:17:50
$C High Fundamental Rating -> http://t.co/XXHVSFvFRz http://t.co/qlxRGtbuqQ
Capital Market Labs
31 Aug 15 16:57:39
Interactive Chart -> http://t.co/BPWLHF2Rtl $C Bad Loans are Declining. http://t.co/3hrRoRK6p6
BreakingStocksNews
31 Aug 15 16:47:03
$C: Volatility Overdone?: “What’d You Miss?” (Full Show 8/31): http://t.co/ryKDz8qxCA
angel p vazquez b
31 Aug 15 16:41:07
$C - Forever 21 Rethinks Its Love of Giant Stores http://t.co/u7KypWkp2P
#HelpYouGetGAINS
31 Aug 15 15:08:43
Citigroup: Tangible Book Value Does Not Mean Liquidation Value http://t.co/V90OIxlhVw … $C
jorge zeballos
31 Aug 15 14:54:52
Citigroup: Tangible Book Value Does Not Mean Liquidation Value http://t.co/UvbPOamU6D $C
TheExtraIncome
31 Aug 15 14:50:06
Madison Street Partners Buys Citigroup and Morgan Stanley $C $MS $CBI $GOGO http://t.co/UWvoIps1Fj
Seeking Alpha Alerts
31 Aug 15 14:37:06
@mswanick $c Citigroup: Tangible Book Value Does Not Mean Liquidation Value http://t.co/MPBuEijFjG
Seeking Alpha Alerts
31 Aug 15 14:37:06
@AhnerMatt $c Citigroup: Tangible Book Value Does Not Mean Liquidation Value http://t.co/MPBuEijFjG
Seeking Alpha Alerts
31 Aug 15 14:37:05
@brianwilbs $c Citigroup: Tangible Book Value Does Not Mean Liquidation Value http://t.co/MPBuEijFjG
Seeking Alpha Alerts
31 Aug 15 14:37:05
@BogdanPatranoi1 $c Citigroup: Tangible Book Value Does Not Mean Liquidation Value http://t.co/MPBuEijFjG
				
				
  +Follow October 3, 2013 10:27AM
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