Defendant Name:
Citigroup Global Markets Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Citigroup Inc.
SIC Code:
6021
CUSIP:
17296710
Initial Case Details
Legal Case Name
In the Matter of Smith Barney Fund Management LLC and Citigroup Global Markets Inc.
First Document Date
31-May-2005
Initial Filing Format
Administrative Action
File Number
3-11935
Allegation Type
Investment Advisers/Investment Companies
Violations Alleged
•
Sections 206(1), 206(2) Investment Advisers Act
Resolutions
First Resolution Date
31-May-2005
Related Documents:
34-51761
31-May-2005
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 and Section 15(b)(4) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On May 31, 2005, the SEC instituted settled administrative and cease-and-desist proceedings against Smith Barney Fund Management LLC (the "Adviser") and Citigroup Global Markets, Inc. According to the SEC: "In this case, the Adviser, which serves as investment adviser to the Smith Barney Family of Funds (the 'Funds'), recommended the Funds contract with an affiliate of the Adviser, which would perform limited transfer agent services and sub-contract with the Funds' existing transfer agent. The existing transfer agent would perform almost all of the same services it had performed previously, but at deeply discounted rates, permitting the affiliate of the Adviser to keep most of the discount for itself and make a high profit for performing limited work. In making this recommendation, the Adviser misled the boards by omitting material facts, which led the boards to believe that the Adviser's recommendation was made in the Funds' best interests, which was not true. This self-interested proposal permitted the Adviser and its affiliates to profit from the transfer agent function at the expense of the Funds."
34-61312
07-Jan-2010
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
On January 7, 2010, the SEC issued a Notice of Proposed Plan of Distribution and Opportunity for Comment.
Proposed Plan of Distribution
On January 7, 2010, the Proposed Plan of Distribution was published (exhibits were inadvertently not attached).
34-61587
25-Feb-2010
Administrative Proceeding
Notice of Proposed Plan of Distribution and Extension of Opportunity for Comment
On February 25, 2010, the SEC issued a Notice of Proposed Plan of Distribution and Extension of Opportunity for Comment.
Proposed Plan of Distribution
On February 25, 2010, a complete Proposed Plan of Distribution was published.
34-61917
15-Apr-2010
Administrative Proceeding
Order Approving Plan of Distribution
On April 15, 2010, the SEC issued an Order Approving Plan of Distribution.
34-62088
12-May-2010
Administrative Proceeding
Order Directing Disbursement of Fair Fund
On May 12, 2010, the SEC orderd that "the Commission staff shall transfer $110,782,362.95 of the Fair Funds to the custodians for the entitled funds and that these custodians shall distribute such monies, as provided for in the Plan of Distribution."
34-65460
30-Sep-2011
Administrative Proceeding
Order Modifying the Distribution Plan
On September 30, 2011, the SEC ordered that: "the Commission modify the Distribution Plan by directing (i) Legg Mason to arrange for the disbursement of $626,556.96 from the Fair Fund to former shareholders of the Capital Preservation II Fund; and (ii) the return of the money that would have used to reimburse Legg Mason had it properly paid the advancements to the Legg Mason Partners Variable Government Portfolio and the Legg Mason Partners Variable Equity Index Portfolio to the Commission for transmittal to the U.S. Treasury upon termination of the Fair Fund."
Notice of Name Change of Appointed Tax Administrator
On June 30, 2017, the SEC announced a Name Change of Appointed Tax Administrator, and amended the Omnibus Order, beginning June 2017 and for calendar year 2018, to replace all references to Damasco with "Miller Kaplan Arase LLP which acquired Damasco & Associates LLP" in order to reflect Damasco's name change.
34-81700
25-Sep-2017
Administrative Proceeding
Order Authorizing the Transfer to the U.S. Treasury of the Remaining Funds and Any Funds Returned to the Fair Fund in the Future, Discharging the Fund Administrator, And Terminating The Fair Fund
According to the SEC: "it is ORDERED that: A. The remaining Fair Fund balance of $89,716,771.99 and any funds returned to the Fair Fund in the future, shall be transferred to the U.S. Treasury; B. The Fund Administrator, Allison Conn, is discharged; and C. The Fair Fund is terminated."
Other Defendants in Action:
