Citigroup Fined $18 million for Overbilling Clients

"The SEC’s order finds that at least 60,000 advisory clients were overcharged approximately $18 million in unauthorized fees because Citigroup failed to confirm the accuracy of billing rates entered into its computer systems in comparison to fee rates outlined in client contracts, billing histories, and other documents. Citigroup also improperly collected fees during time periods when clients suspended their accounts. The billing errors occurred during a 15-year period, and the affected clients have since been reimbursed."

https://www.sec.gov/news/pressrelease/2017-35.html

 

Jeez, I am reading a stuff like this every single day. WTF is wrong with them?!

 

The greater question is..."For how long has this been going on and how many of these scumbags were never caught?"

 

You can bet the multi million dollar annual bonuses are not clawback! But the guy in the mail room would've been sacked and ......the whistleblower.

 

The problem is that very rarely someone goes to jail.