Citigroup to Pay $18 Million to Settle Charges It Overbilled Clients – WSJ

Citigroup Inc. will pay $18 million to settle Securities and Exchange Commission allegations that it overbilled investment advisory clients and lost client contracts…The SEC alleges that at least 60,000 clients were overcharged about $18 million in fees because Citigroup charged clients higher rates than the ones that were negotiated. The bank allegedly didn’t confirm that proper billing rates were entered into its computer systems over a 15-year period from 2000 to 2015.The regulator also says that Citigroup allegedly lost contracts for 83,000 advisory accounts opened between 1990 and 2012, and therefore couldn’t check whether clients were being billed at the negotiated rates.

Source: Citigroup to Pay $18 Million to Settle Charges It Overbilled Clients – WSJ

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s