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DOJ probes Citigroup Californian subsidiary over reporting lapses

  • The Department of Justice is investigating a Citigroup (C) unit in California for possibly failing to tell the government about suspicious banking transactions along the U.S.-Mexico border that involved suspected members of drug cartels, the WSJ reports.
  • Citigroup has already disclosed the probe but didn't provide specifics.
  • The inquiry into Banamex USA adds to other government investigations into Citigroup following the emergence of a $400M fraud involving the bank's Banamex Mexican unit.
Comments (2)
  • june1234
    , contributor
    Comments (2694) | Send Message
    $400M worth of reporting lapses. 3 times CITI was fined for doing same thing in Japan. Admit nothing, fine em, till next "lapse". Cartels are customers too, ask HSBC's laundering division
    11 Apr, 06:46 AM Reply Like
  • jvc33
    , contributor
    Comments (13) | Send Message
    Oh, those pesky little bank regulations again. As Jamie says, if you keep hounding the banks, we'll just have to raise our consumer fees.
    11 Apr, 06:55 AM Reply Like
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