- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-05-22T18:30:00
Two U.K. financial regulators fined a London-based Citigroup subsidiary a total of approximately 61.7 million pounds (U.S. $78.6 million) for control failures related to its trading system.
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) announced the penalties Wednesday against Citigroup Global Markets Ltd. (CGML), an investment firm subsidiary of Citigroup.
In a press release, the FCA said it levied its fine of about £27.8 million (U.S. $35.4 million) because failures in the firm’s systems and controls allowed a trader’s erroneous order to enable $1.4 billion in equities improperly sold on the European market on one day in May 2022. The PRA, which levied a penalty of about £33.9 million (U.S. $43.2 million), said in a press release its investigation into the trading order error found deficiencies in the firm’s trading system and controls from April 2018 to May 2022.
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Singapore-based commodity trading company Trafigura will pay $55 million to the Commodity Futures Trading Commission to settle charges related to fraud, manipulation, and impeding whistleblower communications with the agency.
The U.K. Financial Conduct Authority fined HSBC nearly £6.3 million (U.S. $8 million) for failing to properly consider the financial position of customers who missed payments.
The U.K. Financial Conduct Authority reemphasized its desire to work with Big Tech firms to examine how their data might be useful to the financial industry.
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
