logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

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

  +Follow October 3, 2013 10:27AM
Share:
Tickers Mentioned:

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.


Liked What You Read? Join Equities.com and Connect With Your Favorite Financial Experts FOR FREE! Members of Equities.com gain access to our leading financial news and content, active social investment community, proprietary research tools including the 2014 Small-Cap Stars, E.V.A. reports and more.

Results for c
lookn4wins
22 Dec 14 09:38:50
$ECIG Volume $ECIG Most recent stock chart and technical analysis. $IBM $VXX $SH $C $FEYE $CELG http://stockch http://t.co/IFDCyEahKw
Donald van Deventer
22 Dec 14 09:36:31
RT @KamakuraCo: U.S. Dollar Cost Of Funds Index 0.931% At 5 Years, December 19, 2014 $BAC $C $WFC $JPM http://t.co/Fs7amrnc8q via @salphat…
4-traders.com
22 Dec 14 09:36:10
#Citigroup : Russian bond yields reach highest level since 2009 http://t.co/7x6MQNc4RT $C
iHangout
22 Dec 14 09:34:52
DennyT: ALERTS, HOT STOCKS & CHARTS: GILD Press Releases $GILD $F $KO $C $PLUG Buy or http://t.co/K8pPcyawvw
iHangout
22 Dec 14 09:33:46
lookn4wins: ALERTS, HOT STOCKS & CHARTS: $C 50 Simple Moving Average $C Most recent stock http://t.co/4rYyZQxbYB
Zubeyr Kamil Açıksar
22 Dec 14 09:32:04
RT @FastMoneyLydia: Fisher: Gazprom & Petrobras remind him of "when $C was $1 and $BAC was $5" - These are sovereign nation bets #countryop…
OTPicks.com
22 Dec 14 09:31:50
http://t.co/NYsxQOU64w DennyT: GILD Press Releases $GILD $F $KO $C $PLUG Buy or: DennyT http://t.co/ZUwtzdMQbo http://t.co/NYsxQOU64w
OTPicks.com
22 Dec 14 09:31:50
http://t.co/NYsxQOU64w lookn4wins: $C 50 Simple Moving Average $C Most recent stock: http://t.co/QUj2X9JtmH http://t.co/NYsxQOU64w
lookn4wins
22 Dec 14 09:31:36
$SCO 50 Simple Moving Average $SCO Most recent stock chart and technical analysis. $UWM $EBAY $WMIH $CPE/PA $C http://t.co/2mi1dyMJhl
DennyT
22 Dec 14 09:30:56
GILD Press Releases $GILD $F $KO $C $PLUG Buy or Sell Opinion,TA,Current Price,Recent Headlines,On Radar Stock http://t.co/13OXp093jN
FastMoneyLydia
22 Dec 14 09:30:53
Fisher: Gazprom & Petrobras remind him of "when $C was $1 and $BAC was $5" - These are sovereign nation bets #countryoptions @CNBCFastMoney
Stockaholics
22 Dec 14 09:30:26
After 285% Gain on $STTK in 5 days, A New Penny Stock Pick Is Coming Today! Get it early: http://t.co/tgDaMrXAvx $BMSN $C $GE
lookn4wins
22 Dec 14 09:29:42
$C 50 Simple Moving Average $C Most recent stock chart and technical analysis. $PLUG $XBI $UGAZ $CPE/PA $SSO $ http://t.co/HYahFyB9HL
ProTradersNews
22 Dec 14 09:18:03
$C: Elizabeth Warren Is Right About Citigroup for the Wrong Reasons http://t.co/ll0m6gatf3 http://t.co/CGj1R8WADm
Wyatt Research
22 Dec 14 09:02:43
Why Big #Bank #Dividends Will Soar in 2015 http://t.co/MeTfD6Uw4i $C $WFC $XLF $BAC $JPM #newyear
Carolyn B Miciano
22 Dec 14 09:01:20
Killer #ironcondor trading system http://t.co/yzl6thhVNR $MA $V $C
Mark Trader
22 Dec 14 09:01:08
I banked over 200% in gains during my 14-day trial with http://t.co/6cvEHBeuNR. Their 5 guru traders are amazing. $AUY $ABX $C $CCI
lookn4wins
22 Dec 14 08:47:51
$JNUG 50 Simple Moving Average $JNUG Most recent stock chart and technical analysis. $UUP $QLD $JPM $HNU.TO $C http://t.co/BjG4VvWS78
Kamakura Corporation
22 Dec 14 08:29:21
U.S. Dollar Cost Of Funds Index 0.931% At 5 Years, December 19, 2014 $BAC $C $WFC $JPM http://t.co/Fs7amrnc8q via @salphatrending
Stocks News&Markets
22 Dec 14 08:20:40
$BPZ up 16.9% today! Check out this trade http://t.co/97MjPSMuC8 I made $1,007 on $C JOIN US LIVE: http://t.co/ugm4aE4b0v
Investors Hangout
22 Dec 14 08:10:12
clayton: $C 53.91 http://t.co/f35aWOwpJL
Investors Hangout
22 Dec 14 08:09:21
clayton: $C 53.91 http://t.co/pv48T872ly
Lauren Holmes
22 Dec 14 08:01:10
Is $C or $JPM the best bank to buy right now? Read our thoughts here http://t.co/VrsGMCgPOC
clayton
22 Dec 14 07:48:58
$C 53.91 http://t.co/IX6drRfBU9
Vonnie Quinn
22 Dec 14 07:47:14
Advisors' Lieberman: $Met, $LNC, $C (good for 50% upside over next couple years), also $JPM. Sold REITS, still likes MLPs: $ETP and $KMI
Market Daily News
22 Dec 14 07:45:32
10 Major Banks Fined $43.5 Million For Their Role In The Failed IPO Deal For Toys R Us - http://t.co/Z63Rqq9GJn $BAC $JPM $C $BCSPR $CS
Lauren Holmes
22 Dec 14 07:34:57
Which is the best bank, $MS $C $JPM or $WFC? Check what we think here http://t.co/VrsGMCgPOC
Carolyn B Miciano
22 Dec 14 07:31:30
VIX and VIX Futures explained http://t.co/0NWbBX3w8d $MA $V $C
Dvolatility
22 Dec 14 07:30:22
Wells Fargo, Citigroup Seen With Highest Fee Risk To Oil Decline http://t.co/3PYfUT9IOc $C $WFC
FinSentS SP500
22 Dec 14 07:12:31
$C:US Analog Devices Given New $55.00 Price Target at Citigroup Inc. (NYSE:ADI) #CITIGROUP INC http://t.co/5LvK3cznsD #SP500
Jamtrades
22 Dec 14 07:08:01
$FB Facebook's instagram is now bigger than $TWTR according to Citigroup $C analyst #stockaction
Quantpost Financial
22 Dec 14 06:56:01
$BAC $JPM $C News: "Should Citigroup Break Itself Up? 30% Upside Possible $BAC …" http://t.co/puoSY6UO1P Board view: https://t.co/71x1QFMY3i
Seeking Alpha
22 Dec 14 06:55:59
Should Citigroup Break Itself Up? 30% Upside Possible http://t.co/hvX2uCI3R6 $BAC $JPM $C
DennyT
22 Dec 14 06:54:58
EBAY Basic Tech. Analysis $EBAY $NUGT $WRES $IBM $C Barchart Opinion,Daily Chart,High,Recent News,keeping this http://t.co/P58V6TNBPD
Future Tech Investor
22 Dec 14 06:46:11
$HACK Cyber Secrty ETF strong AM vol $TSLA $C $CTPR $VNET $GM $GS $JPM $PLUG $BLDP $SSYS $FEYE $PANW $MSFT $AMZN $GILD $YHOO $EJ $TSLA $LOCK
Hamptons Manatee
22 Dec 14 06:28:16
@zerohedge but she called the $C dividend cut in 2008 so accurately ... How could this happen???
Steve Pendergast
22 Dec 14 06:19:11
@MuniCredit She should have learned from Elaine Garzarelli to claim victory and move on after $C call. Vanity is a bitch.
Analyst Ratings
22 Dec 14 06:16:15
Intercept Pharma Receives a Buy from Citigroup $ICPT $C http://t.co/w3qusETTHk
sab_option1
22 Dec 14 06:15:37
B%5%6 %($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
Coco
22 Dec 14 06:14:15
RT @WallStJesus: RT @OptionAlert: Largest open interest increases among single stock options for 12/22 include $AAPL, $VALE, $FB, $C, and $…
Stockaholics
22 Dec 14 06:12:24
After 285% Gain on $STTK in 5 days, A New Penny Stock Pick Is Coming Today! Get it early: http://t.co/tgDaMrXAvx $VRS $LAS $C $WFC
Stephen J. Salerno
22 Dec 14 06:09:03
RT @WallStJesus: RT @OptionAlert: Largest open interest increases among single stock options for 12/22 include $AAPL, $VALE, $FB, $C, and $…
Analyst Ratings
22 Dec 14 06:06:57
Accenture Receives a Hold from Citigroup $ACN $C http://t.co/IMbT7Y1U8d
Ben C. Banks
22 Dec 14 06:06:52
RT “@MarketPicker: 2015 Predictions http://t.co/84KewAaZjf $TWENTY15 $SPY $IWM $DXY $UUP $CL_F $USO $BTCUSD $GLD $BABA $C $EBAY $XLE”
Analyst Ratings
22 Dec 14 06:05:52
Citigroup Believes this Stock Still Has Room to Grow $NKE $C http://t.co/hn99RN9zDL
Jake Huska
22 Dec 14 06:05:33
NEW POST: 2015 Predictions http://t.co/3bcZz5TdVE $TWENTY15 $SPY $IWM $DXY $UUP $CL_F $USO $BTCUSD $GLD $BABA $C $EBAY $XLE
Robert Guilfoyle
22 Dec 14 06:03:52
RT @WallStJesus: RT @OptionAlert: Largest open interest increases among single stock options for 12/22 include $AAPL, $VALE, $FB, $C, and $…
JE$US
22 Dec 14 06:02:19
RT @OptionAlert: Largest open interest increases among single stock options for 12/22 include $AAPL, $VALE, $FB, $C, and $DG.
Marc Hav
22 Dec 14 06:01:48
RT @OptionAlert: Largest open interest increases among single stock options for 12/22 include $AAPL, $VALE, $FB, $C, and $DG.
Option Alert
22 Dec 14 06:01:27
Largest open interest increases among single stock options for 12/22 include $AAPL, $VALE, $FB, $C, and $DG.
				
				
  +Follow October 3, 2013 10:27AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.