Citigroup Fined $30 Million for Leaking Apple Research to Funds
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Citigroup Inc. was fined $30 million by Massachusetts after an analyst at the bank’s global markets unit gave institutional clients confidential information on an Apple Inc. supplier ahead of other investors.
Kevin Chang, who was based in Taiwan, sent research on Hon Hai Precision Industry Co.’s Apple shipments to firms including hedge fund SAC Capital Advisors LP, Citadel LLC, GLG Partners Inc. and T. Rowe Price Group Inc., Massachusetts Secretary of the Commonwealth William F. Galvin said today in a statement.