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The Citigroup Inc. unit, which includes brokerage firm Smith Barney, will pay $3 million to settle the allegations by the National Association of Securities Dealers. The firm will also pay $12.2 million in restitution to the former employees at BellSouth, now a unit of AT&T Inc., the paper reported.
The NASD suspended three brokers and two branch managers, fining them a total of $295,000. Neither the firm nor the employees admitted or denied the charges, the paper reported.-
New York State Society of Certified Public Accountants
Posted June 12th, 2007 by Alla
