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FINRA fines Citigroup $600K over tax trading plans
The Financial Industry Regulatory Authority, the brokerage industry’s self-policing organization, on Monday announced the civil fine against the bank’s division Citigroup Global Markets Inc. Citigroup did not admit or deny FINRA’s allegations.
Citigroup failed to supervise and control trading, and to prevent improper internal trades as well as those with some of the bank’s trading partners, FINRA said. The transactions in question occurred between 2000 and 2005.
One of the strategies involved a Citigroup unit in New York buying stock from foreign brokerage customers. After some time had elapsed, during which the taxable dividends on the stock were paid out, the stock was sold back to the customers, FINRA said.
When dividends on U.S. company shares are paid to foreign investors, they may be subject to U.S. withholding taxes. Under the Citigroup arrangement, certain foreign customers were deemed to receive a “dividend equivalent” in a swap, not considered to be subject to withholding taxes.
What Changes Brings The Internet to Foreign Exchange Trading ...
When there was no Internet to openand bring together positions in Currency Exchange we had to call brokers by phone. Not the easiest way, is it. The Internet has made things particular and now there are Internet systems that let someone have to commerce in true-era. But that’s not everything, there are systems marketing automatically. FAP Turbo, Forex MegaDroid , Forex Autopilot, are moral a few examples. These platforms show on-cloak graphs, where you may moot and alert positions in make good. That enables not only efficaciousness and comfortability, but to even selling more accurately.
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(b) Remove stock-based compensation. (c) Remove capital tax. (d) Remove litigation expense. (e) Remove restructuring credit. (f) Remove foreign exchange and more »WA Business News (subscription) - Oct 28, 2009
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The Company has not yet finalized its review of foreign exchange gains and losses, net of tax effect, for the third quarter and nine months of 2009.