SEC fines Citi’s investment arm $2.9 million in recordkeeping case

The Securities and Exchange Commission said late Tuesday it has settled cease-and-desist proceedings against Citigroup Inc.’s C, +0.97% broker-dealer unit Citigroup Global Markets Inc.

“for willfully violating recordkeeping requirements” regarding expenses related to its underwriting business from 2009 through May 2019. “CGMI used an unsubstantiated and unverified method to calculate and record indirect expenses associated with its work as an underwriter,” the SEC said. Without admitting or denying the SEC’s findings, Citigroup Global Markets agreed to the order, to a censure, and to a civil penalty of $2.9 million, the SEC said.

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