Former Citigroup Big-Wig Pays to Settle with SEC
by StockJockey
Wednesday, February 01, 2006 - 7:56 am
Citigroup’s former head of emerging markets agreed to shell over $2.68 million to settle charges of insider trading surrounding his March 2002 sale of the firm’s stock in advance of bad news about performance in Argentina. The former exec, Victor Menezes, retired from Citigroup a year ago avoided having to admit to the allegations but did say through his lawyer that he was “glad to get this behind him.” We bet. It’s hard to enjoy your golf game with that kind of thing hanging over you.
Citigroup’s Menezes To Pay $2.68 Million [Bloomberg]
Comments:
Met the guy a few times when he was running EM and he seemed a whole lot less sleazy than your typical EM-meister, several of whom send my scuzzmeter needle into the red.
Leaving aside my impressions of him, though, I still find the accusation underwhelming. Anybody with a brain new that Citibank Argentina had lost tons of money. The government of Argentina defaulted at the end of 2001, there had been 4 presidents in the past 4 months, and corporates were defaulting left and right. The idea that Citi Arg’s write-down was some kind of suprise strikes me as a rather dubious proposition.
Posted by on 12/31/1969 at 03:00 PM
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