Citigroup To Face Criminal Inquiry

By  |  April 3, 2014
 | 

Federal investigators have opened an inquiry into Citigroup’s Mexican unit, over a recent a $400 million fraud case.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Banamex, Citigroups Mexican unit, disclosed in February that at least on Banamex employee had processed falsified documents that helped the oil services company obtain a loan that cannot be repaid.

    The investigation will be overseen by the FBI and US Attorney’s office of Manhattan and will focus on whether or not the bank ignored warning signs and cultivated holes in its internal monitoring systems such that the fraud was enabled.

    What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.


    See More In: