Citi Fired Mortgage Trader in March for Mismarking Portfolio

  • Saitskiy allegedly traded Treasuries in unathorized manner
  • Oleg Saitskiy now works for broker dealer Bay Crest Partners

Citigroup Inc. fired a mortgage trader four months ago after internal and external lawyers determined he mismarked his portfolio.

Oleg Saitskiy, who was dismissed March 7, also “traded U.S. Treasury securities in a manner that was not authorized,” according to Financial Industry Regulatory Authority records reviewed Tuesday by Bloomberg.

Saitskiy joined New York-based Citigroup in 2005 and most recently traded non-agency mortgage bonds, such as those backed by prime and adjustable-rate loans, according to his LinkedIn profile. He now works at Bay Crest Partners, which describes itself as an agency-only broker dealer.

Saitskiy declined to comment when reached by phone Tuesday, and Finra records show that he acknowledged the firm’s allegations without admitting or denying them. His lawyer, Zachary Gelber, had no immediate comment, while Citigroup’s Danielle Romero-Apsilos declined to comment.

Citigroup fired two other traders last year over the alleged mismarking of a portfolio of inflation options.

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