Citigroup Agencies Fined $2 Million by Regulator
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Citigroup Inc.-affiliated insurance agencies paid $2 million in fines for duping consumers of retirement and wealth-management products, a New York State regulator said.
A review of Citicorp Insurance Agency Inc., Citicorp Investment Services, and SBHU Life Agency Inc. found clients had their policies or contracts replaced after receiving inaccurate or insufficient information about the products and fees, the state Insurance Department said today in an e-mailed statement.