CFTC, Citigroup Private Bank reach settlement on charges of compliance violations
By APThursday, October 1, 2009
CFTC, Citigroup Private Bank reach a settlement
NEW YORK — The U.S. Commodity Futures Trading Commission said Thursday that it reached a settlement with Citigroup Private Bank GP Inc. on charges of compliance violations. The commodity pool operator will pay a $100,000 penalty as part of the settlement.
The government group found that the company failed to file one or more of its commodity pools annual reports for fiscal 2004 through 2007 in a timely manner. Citigroup Private Bank must file the reports with the National Futures Association no later than 90 days from the close of the fiscal year. That time limit can be extended at the association’s discretion, but by no more than 90 additional days.
The CFTC said Citigroup Private Bank did not file the reports on time even though it was given extensions by the NFA.
Citigroup Private Bank is a registered commodity pool operator for pools that run as funds-of-funds. All of the pools it ran were employee benefit pools.
