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Citigroup Pays $30M Fine For Releasing Inside Info. to HFs

Oct 03, 2013
Jing Chen

Citigroup has been ordered to pay a $30 million fine to the state of Massachusetts to settle charges that one of its analysts passed confidential information to several hedge funds related to orders of Apple smartphones.

The New York Times reported that under the settlement, Citigroup has also been censured and will have to undergo a three-year review of its policies and procedures.

Kevin Chang, the analyst in question, allegedly provided hedge fund firms SAC Capital, Citadel and GLG Partners, as well as investment management firm T. Rowe Price with unpublished research regarding Hon Hai, a Taiwanese supplier to Apple smartphones.

The settlement comes nearly a year after Citigroup paid $2 million to Massachusetts to settle charges that its two other analyst broke federal and state securities by sharing confidential information about social networking giant Facebook.

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