- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-09-29T14:51:00
A broker-dealer affiliate of Citigroup and a former Citi broker-dealer agreed to pay a total of nearly $2 million as part of a settlement with the Securities and Exchange Commission (SEC) resolving allegations they violated the disclosure obligations of Regulation Best Interest (Reg BI).
Citigroup Global Markets and Citi International Financial Services were found by the SEC to have made securities recommendations without following proper client relationship summary (CRS) form guidance, the agency alleged in an administrative proceeding published Thursday.
The alleged violations occurred before Citi International Financial Services was sold to Insigneo Financial Group in August 2022. The firm is now named Insigneo International Financial Services.
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A subsidiary of the Teachers Insurance and Annuity Association of America agreed to pay more than $2.2 million as part of a settlement with the Securities and Exchange Commission for not acting in the best interest of its retail customers regarding their retirement accounts.
Citibank faces a lawsuit from New York Attorney General Letitia James for allegedly failing to protect and reimburse customers who lost thousands of dollars in fraudulent wire transfers.
Registered broker-dealer Laidlaw and Company agreed to pay more than $800,000 as part of a settlement with the Securities and Exchange Commission addressing multiple alleged violations of Regulation Best Interest.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
