Citigroup Global Markets Ordered By FINRA To Pay $1,500,000 for Allegedly Failing to Supervise Handling Of Trust Funds Belonging To Cemeteries In Michigan and Tennessee .
The Financial Industry Regulatory Authority (FINRA) has issued an order requiring Citigroup Global Markets, Inc. to pay a monetary sanction of $1.5 million (a $750,000 fine and disgorgement of $750,000 in commissions) for supervisory failures relating to its handling of trust funds belonging to cemeteries in Michigan and Tennessee, according to a May 26, 2010 FINRA securities & investment regulatory press release.
FINRA reportedly found that from September 2004 through October 2006, Citigroup broker Mark Singer and two of his customers were involved in a scheme to misappropriate an amount alleged in various legal actions to be over $60 million in cemetery trust funds.
FINRA’s investigation reportedly showed that Citigroup Global Markets failed to reasonably supervise the handling of these accounts by inadequately responding to a succession of “red flags,” failures that permitted the scheme to continue undetected until October 2006. In settling these matters, Citigroup Global Markets reportedly neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.
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