According to a report in the NY Post the top securities regulator in Massachusetts has fined
Citigroup $2 million for failing to supervise analysts who improperly disclosed
confidential information about Facebook's initial public offering.
Secretary of State William Galvin announced Friday that Citi
acknowledged a statement of facts in the case and agreed to permanently stop
violating state securities laws.
Galvin's office said a junior analyst assigned to work on
the IPO emailed two employees at a tech blog that contained confidential
information, including a senior analyst's view of investment risks and
positives, and revenue estimates for Facebook. The analyst was eventually fired….
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