By
Kyle Brasseur2023-09-27T18:47:00
A broker-dealer affiliate of Citi agreed to pay nearly $8.3 million as part of a settlement with the Financial Industry Regulatory Authority (FINRA) addressing allegations the firm overtendered shares in partial tender offers (PTOs) and received millions in ill-gotten gains.
Citigroup Global Markets was fined $2.5 million and must disgorge approximately $5.8 million in accordance with FINRA’s decision notice published Tuesday. Nearly $2.8 million of the totals will be paid to FINRA, while the remainder will be split evenly between stock exchanges NYSE American and NYSE Arca.
FINRA, a self-regulatory organization, determined not to impose prejudgment interest in the case because the fine and disgorgement together achieved the appropriate deterrence value of equitable disgorgement, it said.
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Citi agreed to pay $25.9 million in fines and redress as part of a settlement with the Consumer Financial Protection Bureau addressing allegations the bank discriminated against credit card applicants identified as Armenian American.
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HSBC Securities (USA) agreed to pay $2 million as part of a settlement with the Financial Industry Regulatory Authority addressing alleged inaccurate disclosures related to conflicts of interest.
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Fidelity Brokerage Services agreed to pay a $900,000 penalty levied by the Financial Industry Regulatory Authority regarding alleged due diligence failures caused by errors in the firm’s automated screening system.
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Texas Attorney General Ken Paxton sued two pharmaceutical companies for ”deceptively marketing Tylenol to pregnant mothers” despite risks linked to autism. The filing came two days before HHS Secretary Robert F. Kennedy Jr. appeared to walk back the claims.
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The Consumer Financial Protection Bureau shut down a registry of non-bank financial firms that broke consumer laws. The agency cites the costs being ”not justified by the speculative and unquantified benefits to consumers.”
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Senate Democrats warned OMB Director Russell Vought Tuesday that it would be illegal for the Trump administration to shut down the Consumer Financial Protection Bureau, citing a recent court decision barring actions that could severely harm the agency.
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