Citigroup settles charges of misleading investors (BBC)

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Citigroup is paying $285m (£180m) to settle civil fraud charges from the Securities and Exchange Commission.

The SEC said that Citigroup misled investors when it invited them to invest in a product based on US mortgage debt.

It said that Citigroup did not inform investors that it was betting on the value of the investment falling or that it had chosen the assets itself.

Citigroup settled without admitting or denying the charges.

Credit Suisse was also involved in the transaction and has paid $2.5m to settle the case, also without admitting or denying the charges.
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more: http://www.bbc.co.uk/news/business-15375111

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