Citigroup to refund retail customers for investment losses: Australian regulator

FILE PHOTO: The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

The Australian Securities and Investments Commission said it had concerns the bank’s financial advisers had sold the complex products without complying with regulatory and disclosure obligations required to provide personal financial advice. The bank will also give customers with remaining investments in the products an opportunity to exit “without cost,” the regulator said.

“I sincerely believe, with you, that banking establishments are more dangerous than standing armies.” —Thomas Jefferson, President of the United States (1801–1809) and principal author of the United States Declaration of Independence (1776)

That’s nice. With stolen Venezuelan gold?

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