SEC could charge former execs, Citigroup says Chris Buell at 1:36 PM ET
Financial giant Citigroup said Friday that two former executives and a current employee may be charged by the Securities and Exchange Commission in connection with a failure to forward a $16 million payment to Citigroup's Smith Barney mutual funds group. One of the executives who could face charges is Thomas Jones, previously chief of the company's investment management division, whose departure from the company was announced earlier this week in connection with an investigation by Japanese financial authorities. Company officials said Jones' departure was not linked to the possible SEC charges. A memo from Citigroup COO Bob Willumstad on Friday said that Jones and two other executives had received Wells notices from the SEC, which means charges may be forthcoming. Bloomberg has more.
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