Holland Amerika
Geplaatst: 08 dec 2004 08:54
Dexia wijst ook tijdelijke wapenstilstand rond lease af
VAN ONZE REDACTEUR
AMSTERDAM - Dexia wil ook niet tijdelijk afzien van incassoprocedures tegen aandelenleaseklanten.
Dit bleek gisteren tijdens de behandeling van een kort geding aangespannen door de stichting Eegalease. Die meent dat een uitspraak in augustus van de Amsterdamse rechter betekent dat partners van aandelenleaseklanten die het contract niet hebben getekend, dat contract kunnen laten vernietigen. De incasso voor die contracten moet daarom worden opgeschort tot de Hoge Raad zich hierover heeft uitgelaten, meent Eegalease.
Dexia acht opschorting een 'onvoorstelbare' inbreuk op haar rechten. De bank is ook tegen een voorstel van de kortgedingrechter om over en weer nieuwe procedures op te schorten tot 1 april. Donderdag 16 december uitspraak.
Copyright (c) 2004 Het Financieele Dagblad
Citigroup krijgt boete voor overtredingen
NEW YORK - Citigroup , de grootste bank ter wereld, krijgt een boete van $ 275.000 voor overtredingen bij het aanbieden van twee fondsen die beleggen in futurecontracten. Een van de aanklachten tegen Citigroup luidt het aanbieden van deze risicovolle fondsen aan 45 'ongeschikte' klanten. (bloomberg)
Copyright (c) 2004 Het Financieele Dagblad
Citigroup to Pay $275,000 Fine To Settle NASD Fund-Sale Case
By MITCHELL PACELLE
Staff Reporter of THE WALL STREET JOURNAL
December 8, 2004; Page C3
Citigroup Inc. consented to a $275,000 fine to settle allegations that it sold units in two high-risk commodities funds to unsuitable investors and kept inadequate records on such sales.
The National Association of Securities Dealers censured the New York-based financial-services giant and ordered it to offer restitution to 45 customers who invested $203,000 in the two funds. These customers, including one with no income and a $25,000 net worth, didn't meet minimum net-worth and income requirements, the NASD said.
Katherine Malfa, vice president of enforcement for the NASD, said the association also was "looking at the sale of these products in other investigations involving other firms."
The settlement focuses attention again on Citigroup's internal controls after a series of regulatory actions this year have raised questions about the company's efforts to institute a series of "best practices." Citigroup Chief Executive Charles Prince has been laboring to resolve pending regulatory problems, and convince customers and investors that such slip-ups aren't evidence of deeper problems.
Citigroup , which neither admitted nor denied the allegations, said in a statement: "We took immediate action and have cooperated fully with the NASD." Such regulatory actions sometimes give rise to separate arbitration claims brought by individual investors.
The two investment funds at issue -- Citigroup Diversified Futures Fund LP and Salomon Smith Barney Diversified 2000 Futures Fund LP -- invest in futures, options on futures and forward contracts, which are considered high-risk investments because they are volatile and involve the use of leverage.
Between January 2002 and November 2003, Citigroup sold limited-partnership units in the funds to more than 8,200 investors, raising about $199 million, the NASD said. Sales and management fees ranged from 8.1% to 10.75%.
Citigroup said in its statement that it had worked with the NASD "to ensure that all suitability requirements and documentation are strictly adhered to and remain in full compliance with NASD guidelines."
Write to Mitchell Pacelle at [email protected]
VAN ONZE REDACTEUR
AMSTERDAM - Dexia wil ook niet tijdelijk afzien van incassoprocedures tegen aandelenleaseklanten.
Dit bleek gisteren tijdens de behandeling van een kort geding aangespannen door de stichting Eegalease. Die meent dat een uitspraak in augustus van de Amsterdamse rechter betekent dat partners van aandelenleaseklanten die het contract niet hebben getekend, dat contract kunnen laten vernietigen. De incasso voor die contracten moet daarom worden opgeschort tot de Hoge Raad zich hierover heeft uitgelaten, meent Eegalease.
Dexia acht opschorting een 'onvoorstelbare' inbreuk op haar rechten. De bank is ook tegen een voorstel van de kortgedingrechter om over en weer nieuwe procedures op te schorten tot 1 april. Donderdag 16 december uitspraak.
Copyright (c) 2004 Het Financieele Dagblad
Citigroup krijgt boete voor overtredingen
NEW YORK - Citigroup , de grootste bank ter wereld, krijgt een boete van $ 275.000 voor overtredingen bij het aanbieden van twee fondsen die beleggen in futurecontracten. Een van de aanklachten tegen Citigroup luidt het aanbieden van deze risicovolle fondsen aan 45 'ongeschikte' klanten. (bloomberg)
Copyright (c) 2004 Het Financieele Dagblad
Citigroup to Pay $275,000 Fine To Settle NASD Fund-Sale Case
By MITCHELL PACELLE
Staff Reporter of THE WALL STREET JOURNAL
December 8, 2004; Page C3
Citigroup Inc. consented to a $275,000 fine to settle allegations that it sold units in two high-risk commodities funds to unsuitable investors and kept inadequate records on such sales.
The National Association of Securities Dealers censured the New York-based financial-services giant and ordered it to offer restitution to 45 customers who invested $203,000 in the two funds. These customers, including one with no income and a $25,000 net worth, didn't meet minimum net-worth and income requirements, the NASD said.
Katherine Malfa, vice president of enforcement for the NASD, said the association also was "looking at the sale of these products in other investigations involving other firms."
The settlement focuses attention again on Citigroup's internal controls after a series of regulatory actions this year have raised questions about the company's efforts to institute a series of "best practices." Citigroup Chief Executive Charles Prince has been laboring to resolve pending regulatory problems, and convince customers and investors that such slip-ups aren't evidence of deeper problems.
Citigroup , which neither admitted nor denied the allegations, said in a statement: "We took immediate action and have cooperated fully with the NASD." Such regulatory actions sometimes give rise to separate arbitration claims brought by individual investors.
The two investment funds at issue -- Citigroup Diversified Futures Fund LP and Salomon Smith Barney Diversified 2000 Futures Fund LP -- invest in futures, options on futures and forward contracts, which are considered high-risk investments because they are volatile and involve the use of leverage.
Between January 2002 and November 2003, Citigroup sold limited-partnership units in the funds to more than 8,200 investors, raising about $199 million, the NASD said. Sales and management fees ranged from 8.1% to 10.75%.
Citigroup said in its statement that it had worked with the NASD "to ensure that all suitability requirements and documentation are strictly adhered to and remain in full compliance with NASD guidelines."
Write to Mitchell Pacelle at [email protected]