Citigroup Inc. must pay $7 million—the largest fine ever handed down for “blue sheet” violations—after an ongoing computer error at the bank caused it to omit reporting data to the U.S. Securities and Exchange Commission on 26,810 securities transactions.
According to the SEC’s order imposed Tuesday, the computer “coding error,” which affected Citigroup’s global markets division for 15 years, between 1999 and 2014, caused the bank to fail to report transactions involving more than 291 million shares of stock and options. The information went unreported in response to 2,382 “electronic blue sheet” requests made by the regulatory agency, the SEC said.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
