Citibank N.A.

Trading and Pricing

SANCTION AMOUNT: $38700000

Defendants: Citibank N.A.

The Commission found that Respondent improperly provided American Depositary Receipts (ADRs) to brokers in thousands of pre-release transactions when neither the brokers nor their customers had the foreign shares needed to support them, leading to inappropriate short selling and dividend arbitrage.

Key Docs
Official SEC press release

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