[QUOTE]New York State Attorney General notifies banking giant of intent to file charges over sale of troubled auction-rate securities and claims Citi destroyed documents.
NEW YORK (CNNMoney.com) -- New York state Attorney General Andrew Cuomo said Friday that his office intends to file charges against Citigroup for the alleged fraudulent marketing and sale of troubled auction-rate securities to everyday investors.
Cuomo outlined his intentions in a letter to Citigroup's general counsel dated Friday, saying that charges were imminent.
In the letter, the New York Attorney General's office alleged that the nation's largest bank "has repeatedly and persistently committed fraud by material misrepresentations and omissions" in the underwriting, distribution and sale of auction rate securities, touting them as safe, cash-equivalent investments.
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http://money.cnn.com/2008/08/01/news...ex.htm?cnn=yes
NEW YORK (CNNMoney.com) -- New York state Attorney General Andrew Cuomo said Friday that his office intends to file charges against Citigroup for the alleged fraudulent marketing and sale of troubled auction-rate securities to everyday investors.
Cuomo outlined his intentions in a letter to Citigroup's general counsel dated Friday, saying that charges were imminent.
In the letter, the New York Attorney General's office alleged that the nation's largest bank "has repeatedly and persistently committed fraud by material misrepresentations and omissions" in the underwriting, distribution and sale of auction rate securities, touting them as safe, cash-equivalent investments.
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http://money.cnn.com/2008/08/01/news...ex.htm?cnn=yes
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