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Released: November 08, 2011
Promises made and remade by firms in S.E.C. fraud cases
Source: Edward Wyatt, N.Y.Times (Free Registration)
When Citigroup agreed last month to pay $285 million to settle civil charges that it had defrauded customers during the housing bubble, the Securities and Exchange Commission wrested a typical pledge from the company: Citigroup would never violate one of the main antifraud provisions of the nation’s securities laws.
To an outsider, the vow may seem unusual. Citigroup, after all, was merely promising not to do something that the law already forbids. But that is the way the commission usually does business. It also was not the first time the firm was making that promise.
Read Full Article: Promises made and remade by firms in S.E.C. fraud cases
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