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Citigroup Inc : SEC investigates Citigroup over fraudulent Mexican loans

03/02/2014 | 03:05pm EST
A logo of Banamex is seen in Mexico City

NEW YORK (Reuters) - The U.S. Securities and Exchange Commission is investigating Citigroup for accounting fraud after it disclosed bogus loans in its Mexican Banamex unit, a source familiar with the investigation said.

The securities regulator is also examining whether Citigroup violated the Foreign Corrupt Practices Act, the source said.

An employee at Banamex has been questioned by Mexican police after being suspected by the bank of involvement in the loan scheme, another source familiar with the police investigation said.

It was unclear whether more than one person was involved, that source said.

Citigroup said on Friday it had found $400 million in bad Banamex loans and was reducing its full year profit by $235 million to $13.67 billion, after the bank had first reported its 2013 earnings more than one month ago.

The source familiar with the SEC investigation said the probe was in its very early stages and it was too soon to determine whether the regulator will make a referral on the case to criminal authorities at the U.S. Department of Justice.

The U.S. Federal Bureau of Investigation on Friday also said it was monitoring the situation for possible criminal activity.

The bad loans were made to Mexican oil services company Oceanographic <OCNGR.UL>, whose assets Mexican law enforcement officials have now seized. The oil services company was a contractor for Mexican state-owned oil company Pemex <PEMX.UL>.

Citigroup Chief Executive Officer Michael Corbat called the incident a "despicable crime" and said the bank believes it was an isolated episode.

Corbat said in a statement on Friday that Banamex is exploring legal options.

Criminal actions "may allow us to recover damages," he added.

(Reporting by Emily Flitter and David Henry; Writing by Jeanine Prezioso; Editing by Sophie Hares)

© Reuters 2014
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Financials (USD)
Sales 2021 69 585 M - -
Net income 2021 13 376 M - -
Net Debt 2021 - - -
P/E ratio 2021 10,4x
Yield 2021 2,99%
Capitalization 145 B 145 B -
Capi. / Sales 2021 2,09x
Capi. / Sales 2022 2,01x
Nbr of Employees 210 000
Free-Float 67,0%
Duration : Period :
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Technical analysis trends CITIGROUP INC.
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 77,90 $
Last Close Price 69,54 $
Spread / Highest target 61,1%
Spread / Average Target 12,0%
Spread / Lowest Target -16,6%
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Managers and Directors
Michael Louis Corbat Chief Executive Officer & Director
Jane Nind Fraser President, Director & CEO-Global Consumer Banking
Mark A. L. Mason Chief Financial Officer
John C. Dugan Chairman
Mike Whitaker Head-Operations & Technology
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