FINRA has fined Citigroup Global Markets $725,000 for failing to disclose conflicts of interest in its research reports and public appearances by analysts.
These conflicts of interest were “inherent in their business relationships in certain research reports from January 2007 through March 2010,” according to a public release by FINRA. By not disclosing the conflicts, the company prevented investors from being aware of potential biases in its recommendations, said Brad Bennett, executive vice president and chief of enforcement at FINRA, in the release. “Firms need to provide investors with full and accurate information so they will be able to take it into consideration before making an investment decisions.”
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