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.


Signup for our daily newsletter and get our best articles emailed right to you!

Results for c
mj
1 Sep 14 16:15:36
Pzena back of business card bull case on $C http://t.co/WspDpLZ1Ya
Dj Clue
1 Sep 14 16:12:14
[@cluedj] DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7): DOWNLOAD VIDEO: Seventh Part of The... http://t.co/ALm1R9oBTS
Biz Headlines
1 Sep 14 16:09:05
$C: Citigroup Inc. Announces Offer to Purchase up to U.S. $700 Million of Its ... http://t.co/KSM7UtCiQw http://t.co/Vm1eYxGOSQ
Stockaholics
1 Sep 14 16:00:01
$IWEB closed up 100% today, on more than 290 MILLION shares traded! Huge News: http://t.co/ucQcnpafDY $BMSN $C $GE
Algo Screen
1 Sep 14 15:54:07
#UnitedStates - $C #Citigroup_Inc / 3 short patterns with success >=71.3% and a return of >=2.4%. #trading #stocks #stockaction
Murv_ynIe_tta
1 Sep 14 15:46:21
RT @LaveryFabrienne: ☯Gain Followers ☯RT This ☯MUST FOLLOW ME I FOLLOW BACK ☯Follow everyone who rts ☯Gain #RETWEET #ipad #Love #ANDROID …
GodardBixler170
1 Sep 14 15:42:08
☯Gain Followers ☯RT This ☯MUST FOLLOW ME I FOLLOW BACK ☯Follow everyone who rts ☯Gain #ANDROID #RETWEET #ipad #Love $c}a
LaveryFabrienne
1 Sep 14 15:35:08
☯Gain Followers ☯RT This ☯MUST FOLLOW ME I FOLLOW BACK ☯Follow everyone who rts ☯Gain #RETWEET #ipad #Love #ANDROID $c(ä
ogechukwu anyanwu
1 Sep 14 15:17:44
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/Y5hVNOLt2Y
Diamond Samuel
1 Sep 14 15:17:33
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/5FZwi9wFRu
Ms_Joanna
1 Sep 14 15:17:22
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/DcCeIGCAEl
David Lawal
1 Sep 14 15:17:11
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/5w2nlrwP0x
#WhoIsRap2dakay
1 Sep 14 15:17:00
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/8lGNMSCvsh
SKILLZ_MANAGEMENT
1 Sep 14 15:16:49
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/SiNJm3QECk
G-leo osinachi
1 Sep 14 15:16:38
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/V8n7nKPf5p
VincentsYarak51
1 Sep 14 15:16:27
RT @jTessaSbedda: ☯Gain Followers ☯RT This ☯MUST FOLLOW ME I FOLLOW BACK ☯Follow everyone who rts ☯Gain #ONEDIRECTION #gameinsight $c(r
Lekzystartinz
1 Sep 14 15:16:27
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/46QXfAKBvj
D Official ƒØcuŞ νξξ
1 Sep 14 15:16:16
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/edyoyzo7pq
Iam_Enigma
1 Sep 14 15:16:05
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/swS7P9ppm8
Mr MG
1 Sep 14 15:15:54
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/QhEGSe1RcD
#iam_oscar
1 Sep 14 15:15:42
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/p0c3Fuck6i
So fly boi
1 Sep 14 15:15:31
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/JGZWVPvDmr
#ALLBACK
1 Sep 14 15:15:09
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/A4H9ssHFSs
Torch Magazines
1 Sep 14 15:14:57
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/gcilvqVfsV
#SlimShady_INVASION
1 Sep 14 15:14:46
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/mPOGffoza7
S*DUCTION!!!
1 Sep 14 15:14:35
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/AhhEFmQP46
Young Don Jazzy™
1 Sep 14 15:14:24
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/2qc1plWS99
Sheeee'ma
1 Sep 14 15:14:13
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/P8Tay4WHfY
J-YOUNG BRICKs
1 Sep 14 15:14:01
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/BeBVwRJmgN
#Team_Olamide_YBNL
1 Sep 14 15:13:50
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/GTSBCdnrkc
Jay Klear
1 Sep 14 15:13:39
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/VGct053w3R
OsbaltGrafix #Whiska
1 Sep 14 15:13:28
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/gYdrBa4pLn
OsbaltMedia
1 Sep 14 15:13:16
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/LPNDLiXKhX
Maleek Rahym
1 Sep 14 15:13:05
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/Qe65nrmNKR
MArLEy
1 Sep 14 15:12:54
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/3Rn9dSFla6
IAM FAINE †
1 Sep 14 15:12:42
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/CmybPmHp8g
Nazi Armani
1 Sep 14 15:12:31
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/bFS7rS6cXX
Maccy_Official™
1 Sep 14 15:12:20
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/1rzm6aw6SL
D_A_N™
1 Sep 14 15:12:08
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/sxQOJVfNFh
OLAMIDE BADDO YBNL
1 Sep 14 15:11:57
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/oVCmKmgmGW
Mr Mozarti
1 Sep 14 15:11:46
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/LERrDKf0qG
 olosho360.com
1 Sep 14 15:11:34
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/fHaqtHpdd4
#NEAAwards
1 Sep 14 15:11:23
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/f2wPLpAUWX
#Komami #Komami
1 Sep 14 15:11:11
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/ZtYcskpGga
Sir uche
1 Sep 14 15:11:00
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/ZFb7J37qWY
olosho 360
1 Sep 14 15:10:49
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/s6KPkdTVR2
Michy milly
1 Sep 14 15:10:37
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/CoEbJl4Mh9
The nedJamez.
1 Sep 14 15:10:26
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/hk0oR23wLM
ChretaienEdora
1 Sep 14 15:10:21
RT @jTessaSbedda: ☯Gain Followers ☯RT This ☯MUST FOLLOW ME I FOLLOW BACK ☯Follow everyone who rts ☯Gain #ONEDIRECTION #gameinsight $c(r
cypherdeville
1 Sep 14 15:10:14
DOWNLOAD VIDEO: Seventh Part of The Tamale S!x $c@ndal (Part 7) http://t.co/Ookn6C2f9w
				
				
  +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.