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SEC Fines Citigroup on Claims 60,000 Clients Were Overbilled

Photographer: Daniel Acker/Bloomberg

Citigroup Inc. will pay $18.3 million to settle a U.S. regulator’s claims that a subsidiary overcharged at least 60,000 advisory clients by billing them at rates higher than what they were promised. 

Citigroup Global Markets imposed about $18 million in unauthorized fees after failing to confirm the accuracy of rates entered into its computer systems, the Securities and Exchange Commission said Thursday in a statement. The firm also misplaced contracts for 83,000 accounts opened from 1990 to 2012, the agency said.