The Securities and Exchange Commission today announced that Citigroup Global Markets has agreed to pay $18.3 million to settle charges that it overbilled investment advisory clients and misplaced client contracts. The SEC’s order finds that at least 60,000 advisory clients were overcharged approximately $18 million in unauthorized fees because Citigroup failed to confirm the accuracy of billing rates entered into its computer systems in comparison to fee rates outlined in client contracts, billing histories.
If you are a Citigroup customer who was overcharged, or a Citigroup broker with clients who were overcharged by the firm, give us a call – 973-559-5566. We represent customers and brokers in securities related matters nationwide.
Source: SEC.gov | Citigroup Paying $18 Million for Overbilling Clients