SEC says Citigroup paying $18 mln for overbilling clients

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By Tim Ahmann

<span class="articleLocation”>The U.S. Securities and Exchange Commission said
on Thursday that Citigroup Global Markets agreed to pay $18.3
million to settle charges that it overbilled investment advisory
clients and misplaced client contracts.

The SEC said in a statement it found that at least 60,000
advisory clients of the Citigroup Inc unit were
overcharged some $18 million in fees because of failures to
confirm the accuracy of billing rates in its computer systems
compared to rates in client contracts and other documents.

Citigroup also improperly collected fees while client
accounts were suspended, the SEC said, adding that the billing
errors occurred during a 15-year period and that the clients had
since been reimbursed.

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