The Traderszone Network

Published in TZ Latest News 17 August, 2015 by The TZ Newswire Staff

Citigroup to pay $180 mln to settle charges of defrauding fund investors

Two units of Citigroup will pay nearly $180 million to settle financial crisis-era charges alleging they defrauded investors in two hedge funds by telling them the funds were safe, low-risk investments, U.S. regulators said Monday. The Securities and Exchange Commission said that Citigroup Global Markets Inc and Citigroup Alternative Investments LLC are settling without admitting or denying the charges, and that the funds will bear all of the costs for distributing the money to harmed investors.