Source: CS Monitor
A federal judge in New York refused on Monday to endorse a $285 million consent agreement with the SEC that would have allowed Citigroup Global Markets, Inc., to avoid any admission of wrongdoing in a deceptive securities transaction that earned Citigroup $160 million in profits while investors lost $700 million.
Under terms of the proposed agreement, Citigroup was not required to admit or deny any illegal conduct alleged in a Securities and Exchange Commission complaint, and the firm would pay what the judge termed “only very modest penalties.”
Read More: Judge rejects SEC deal with ‘recidivist’ Citigroup, calls fine ‘pocket change’
Cartoon by Bob Moran
