Citigroup's ex-exec may face SEC action
Reuters, New York
US securities regulators may recommend enforcement action against the former head of Citigroup Global Investment Management for his role in activities under investigation at the company's mutual fund unit, the No. 1 financial services firm said on Friday. The Securities and Exchange Commission staff told former Citigroup Inc manager Thomas Jones, another former employee and a current employee that enforcement action is being considered in connection with a probe the company disclosed last November. Citigroup's latest black eye comes as it attempts to recover from other regulatory problems including a run-in with Tokyo regulators who said it misled clients in a series of private bond sales. The company's European operation also had to apologize for a government debt trade that roiled markets. Other details were not provided in the Friday filing. Citigroup declined to comment beyond the filing.
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