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Comment (WASHINGTON, July 29 (Xinhua) -- U.S. banking giant Citigroup agreed to pay 75 million dollars to settle charges that it had provided misleading information to investors about its exposure to the risky subprime mortgage markets, the Securities and Exchange Commission (SEC) said on Thursday.
"Citigroup repeatedly made misleading statements in earnings calls and public filings about the extent of its holdings of assets backed by subprime mortgages," the SEC said in a press release.
"Between July and mid-October 2007, Citigroup represented that subprime exposure in its investment banking unit was 13 billion dollars or less, when in fact it was more than 50 billion dollars, " it added.
One current and one former executive of Citigroup also agreed to settle charges with the SEC for their roles in causing the group to make the misleading statements in an SEC filing.
Former chief financial officer Gary Crittenden agreed to pay 100,000 do...
