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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.

Results for c
Frances Horodelski
18 Apr 14 05:56:42
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ValueWalk.com
18 Apr 14 05:54:52
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María
18 Apr 14 05:52:04
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Thomas Azzara
18 Apr 14 05:42:02
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18 Apr 14 05:11:25
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18 Apr 14 05:10:05
$C Facebook May Be On Its Way to Becoming the Next Hot FinTech Company http://t.co/rIKH6hE2gn
Ray Bordogna
18 Apr 14 05:04:50
6 largest U.S. commercial banks by assets: $BAC, $WFC, $C, $JPM, $PNC, $USB show a 8.3% increase in commercial loans: http://t.co/we9d17Tawj
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18 Apr 14 04:13:26
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18 Apr 14 04:06:00
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18 Apr 14 03:01:36
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18 Apr 14 03:01:36
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18 Apr 14 02:51:05
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18 Apr 14 01:52:49
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18 Apr 14 01:01:11
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18 Apr 14 00:15:40
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17 Apr 14 23:46:47
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17 Apr 14 22:16:01
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Major Brown
17 Apr 14 22:13:26
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4-traders.com
17 Apr 14 21:55:06
Citigroup : Fitch: Citi's 1Q'14 Earnings Solid in Face of Industry Challenges http://t.co/drTGrUsdI6 $C
太鉄(パブリック)
17 Apr 14 21:51:47
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Jim
17 Apr 14 21:24:51
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Stock Herald
17 Apr 14 20:34:06
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17 Apr 14 20:21:28
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Informer
17 Apr 14 19:56:03
$C: Business events scheduled for the coming week http://t.co/z7qhkWa517
Karla
17 Apr 14 19:46:45
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17 Apr 14 19:46:29
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17 Apr 14 19:46:13
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Henry R.
17 Apr 14 19:43:32
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Alejandra
17 Apr 14 19:41:35
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17 Apr 14 19:40:51
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17 Apr 14 19:40:01
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17 Apr 14 19:28:06
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MarketNews
17 Apr 14 19:25:03
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17 Apr 14 19:19:02
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Informer
17 Apr 14 19:16:35
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17 Apr 14 19:16:05
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17 Apr 14 19:15:32
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17 Apr 14 19:13:05
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StockNewsNet
17 Apr 14 19:00:01
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Directors Deals
17 Apr 14 18:48:10
$C Two Directors at Citigroup Inc bought/sold 3,320 shares at between 47.662USD and 48.190USD... http://t.co/FJhFo1oZsu #markets #Stocks
Edward Gofsky
17 Apr 14 18:35:51
RT @alphatrends: VIDEO http://t.co/bdGojkGaVs Stock Market Analysis for Week Ending 4/17/14 $SPY $QQQ $C $CMG $PLUG $GLNG $IWM $XLF
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17 Apr 14 18:35:39
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17 Apr 14 18:28:39
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  +Follow October 3, 2013 10:27AM
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