Ex-Citigroup CFO pays $100,000 to settle SEC sub-prime charge
Gary Crittenden pays $100,000 to settle charges that he made misleading SEC filings that misled investors about Citigroup's exposure to sub-prime mortgages
Gary Crittenden pays $100,000 to settle charges that he made misleading SEC filings that misled investors about Citigroup's exposure to sub-prime mortgages
The former CFO of
Citigroup
has paid $100,000 (£64,000) to settle SEC charges alleging misleading
statements in an
SEC filing
relating to the company’s exposure to sub-prime mortgage related assets.
Gary Crittenden paid the settlement, without admitting or denying the
allegations, after the SEC charged him, and former head of investor relations
Arthur Tildesley Jr., with making misleading statements in an SEC filing.
Citigroup was charged with misleading investors about its exposure to sub-prime
mortgage-related assets.
The financial services business paid $75m to settle its charge, while
Tildesley Jr. paid $80,000.
“Even as late as fall 2007, as the mortgage market was rapidly
deteriorating, Citigroup boasted of superior risk management skills in reducing
its subprime exposure to approximately $13 billion. In fact, billions more in
CDO and other sub-prime exposure sat on its books undisclosed to investors,”
said Robert Khuzami, director of the SEC’s division of enforcement.
“The rules of financial disclosure are simple – if you choose to speak, speak
in full and not in half-truths.”
The SEC alleged that Crittenden and Tildesley Jr. were “repeatedly” provided
with information about the full extent of Citigroup’s sub-prime exposure. In
approving SEC disclosures, they caused its filings to mislead investors.
The numbers you crunch tell a story. Your expertis...
14yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article