Law360 (November 10, 2020, 9:05 PM EST) — The Financial Industry Regulatory Authority hit Citigroup Global Markets Inc. with a $475,000 fine Tuesday for failing to disclose potential conflicts of interest in tens of thousands of equity research reports issued over a five-year period, although the self-regulatory agency considered the firm’s “extraordinary cooperation” in assessing the damage.
The New York-based broker-dealer failed to indicate that it was either a manager or co-manager of the public offerings for the companies covered in 16,850 equity research reports issued between November 2012 and November 2017, according to the settlement order.
“As a result, the firm deprived the investing public of important information…
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