NEW YORK -- The Securities and Exchange Commission is considering recommending charges against a Citigroup executive whose departure was announced this week, the financial-services giant said Friday.
The possible charge against Thomas W. Jones, former chief executive of Citigroup Global Investment Management, relates to the creation and operation of an internal "transfer agent" unit primarily to serve the Smith Barney family of funds, according to a Citigroup filing with the SEC.
The Citigroup filing did not specify what the possible problem with the unit was. Transfer agents keep shareholder records and issue new share certificates. Their operations, governed by detailed SEC regulations, also include distributing proxies, dividends and annual reports.
Besides Jones, the filing cited possible action against another former employee and a current employee, whose names were not released.
http://www.newsday.com/news/local/wire/ny-bc-ny--citigroup-sec1022oct22,0,1060272.story?coll=ny-ap-regional-wire
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