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  • Citigroup Inc. (NYSE:C) - Under Scrutiny Again by SEC

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    Monday Nov. 8, 2010 at 00:56 am EST
     
    Citigroup Inc. (NYSE:C) to be probed by SEC
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    The SEC has probed certain Citigroup Inc (NYSE:C) debt funds to find out whether Citigroup did adequate disclosure to investors about the funds' risk levels. As per the Wall street Journal, The Securities and Exchange Commission (SEC) had also subpoenaed the bank's former brokers for testimony.

    Citigroup's debt funds, which are under the investigation by SEC, had used borrowed money to invest in municipal bonds and mortgage debt.
    Also 3 California-based brokers, who worked for the then Citigroup unit Smith Barney, concluded the bank did not adequately disclose the funds' risks and had also mismanaged them, the newspaper said.
    Shares of Citigroup Inc. closed at $4.49 on Thursday at resistance level of $4.41. The resistance level above is at  $4.98. The support levels below are at $4.41, $4.25, $4.09, $3.92.
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