Defendant Name:
Citibank, N.A.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Citigroup Inc.
SIC Code:
6021
CUSIP:
17296742
Document Reference:
33-10571
Document Details
Legal Case Name
In the Matter of Citibank, N.A.
Document Name
Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
07-Nov-2018
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On November 7, 2018, the SEC instituted cease-and-desist proceedings and determined to accept an Offer of Settlement by Respondent. The SEC stated that: "These proceedings arise out of Citibank's improper practices involving the pre-release of American Depositary Receipts. . . . Contrary to how pre-release transactions were supposed to work, Citibank at times pre-released ADRs to Pre-Release Brokers in circumstances where Citibank was negligent with respect to whether the Pre-Release Brokers, or the parties on whose behalf the pre-release ADRs were being obtained, actually beneficially owned the corresponding number of ordinary shares, as they represented to Citibank in their Pre-Release Agreements."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$20,903,858.25
Shared:
Civil Penalty
Individual:
$13,587,507.86
Shared:
Pre-Judgment Interest
Individual:
$4,258,893.71
Shared:
