Citigroup Global Markets is the brokerage and securities arm of Citigroup.
The regulator said that the bank posted incorrect information for three RMBS from January 2006 through October 2007, and it remained on the bank’s website until early May 2012.
FINRA executive vice president and chief of enforcement Brad Bennett said, "Investors use this data to inform their decisions and in this case, for over six years, investors potentially used faulty data to assess the value of the RMBS."
According to the regulator, the bank failed to supervise the pricing of mortgage-backed securities as it lacked procedures to verify traders’ prices, and didn’t maintain required records and books.
FINRA said that Citigroup neither admitted nor denied the charges, but consented to the entry of its findings.
In December 2011, FINRA had fined Barclays Capital $3m for misrepresenting delinquency data and inadequate supervision in connection with the issuance of RMBS.
