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http://www.reuters.com/article/2 ... USBRE9920I820131003

Citigroup fined $30 million after analyst sent report to SAC, others               

By Svea Herbst-Bayliss

                BOSTON           Thu Oct 3, 2013 1:14pm EDT        
   
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                                                                                                             A man walks past a Citibank branch in lower Manhattan, New York October 16, 2012.
                        

Credit: Reuters/Carlo Allegri

                    
                  
            

        


(Reuters) - Citigroup Inc will pay a $30 million fine after one of its analysts improperly sent confidential research on an Apple supplier to big clients including Steven A. Cohen's hedge fund SAC Capital Advisors, a securities regulator said on Thursday.

Citigroup analyst Kevin Chang emailed unpublished research about Hon Hai Precision Industry Co, a major supplier of Apple Inc iPhones, to SAC, T. Rowe Price, Citadel and GLG Partners, according to William Galvin, Massachusetts' Secretary of the Commonwealth.

Chang's research included lower order forecasts for Apple's iPhones in the first quarter of 2013, which would have had a detrimental effect on Apple, the regulator said.

SAC, hedge fund Citadel and mutual fund firm T. Rowe Price all sold Apple stock after receiving the information from Chang, a complaint filed by Galvin's office alleges.

At $30 million, the Massachusetts fine is both one of the biggest state securities regulators have ever collected and 15 times the $2 million they fined Citi for improperly disclosing research on Facebook's initial public offering only a year ago.

Galvin said the fine is so high because the case came less than one year after the Facebook case and illustrates that aspects of Citi's supervisory culture failed.

"The Citi analyst should not have been that accessible to the clients, he should have been better protected by the compliance team," Galvin added.

Galvin's office had filed civil charges against Citi for "failing to supervise", and the $30 million fine is the result of a settlement, he said. No criminal charges were filed.

A spokeswoman for Citi said the bank takes "regulatory compliance requirements very seriously and train(s) all of our employees about these obligations." She declined to give further details about the case.

Chang, who worked for Citi in Taiwan, was terminated last month, the complaint said.

The Massachusetts settlement also offers new details about how SAC employees worked at a time the $14 billion hedge fund has come under increased scrutiny about its trading practices. The U.S. government filed criminal insider trading charges against SAC in July. The hedge fund said it has done nothing wrong and pleaded not guilty to the charges.

Galvin said he would be happy to cooperate with federal or other state authorities probing SAC.

"The emails between Kevin Chang and the hedge funds reveal this cozy culture which illustrates again that there are two types of customers; big ones and retail customers who often dont' receive this information," Galvin said in a telephone interview.

The complaint cites an email from an unidentified SAC employee who asked a contact at Citi "can u send me everything u have on the entire iphone 4/4s/5 supply chain?.

Citi employees responded immediately by asking their colleagues "can you please send directly to (employee for SAC Capital) ... He needs it asap - works directly for (SAC Capital).'

Chang was also contacted directly by a SAC employee. "Hey Kevin, Are you picking up any order cuts to iPhone?" the email said.

Kevin Chang sent his unpublished research which included the Hon Hai numbers and unpublished research for Apple iPhone order forecasts to the SAC employee on December 13, 2012. Chang's research was published on December 14.

A SAC spokesman said he has no comment on the matter.

Chang also received emails from Citi colleagues saying that other big clients, including Citadel, wanted his views on Apple. A Citadel employee emailed Chang on December 13 saying "Can we do a quick call tonight?"

In the securities industry, Galvin, who has been in the job for 18 years, has a reputation as an aggressive regulator happy to take on Wall Street banks in order to protect small, private investors. In 2011, Goldman Sachs agreed to pay a $10 million fine and stop giving clients trading ideas developed at internal gatherings known as "trading huddles."

(Editing by Richard Valdmanis and Andrew Hay)

（路透社） - 花旗集團將支付3000萬美元的罰款後，不適當發出保密研究，在蘋果供應商的大客戶，包括史蒂芬A.科恩的對沖基金SAC資本顧問公司的分析師之一，證券監管機構週四表示。花旗集團分析師凱文·張鴻海精密工業公司的主要供應商蘋果公司的iPhone，SAC，T. Rowe Price的城堡和GLG夥伴，根據馬薩諸塞州的聯邦秘書威廉·高爾文通過電子郵件發表的研究。張的研究包括低階的預測蘋果的iPhone在2013年第一季度，將有一個蘋果不利影響，監管機構說。SAC，對沖基金Citadel和共同基金公司T. Rowe Price的所有銷售蘋果公司的股票，收到信息後，從昌，高爾文的辦公室指控提出的申訴。馬薩諸塞罰款3000萬美元，是兩個最大的國家證券監管機構之一，曾經收集和15倍，200萬美元的罰款花旗不當披露Facebook的首次公開募股的研究僅僅一年前。高爾文說，罰款是如此之高，因為案發後不到一年Facebook的情況下，說明了花旗的監管文化方面的失敗。 “花旗集團分析師本來不應該接觸到的客戶，他應該更好地保護合規團隊，”高爾文說。 高爾文的辦公室已經對花旗集團提起民事指控“沒有監督”，3000萬美元罰款和解的結果，他說。沒有提起刑事指控。 花旗集團的一位發言人表示，該行以“合規性要求非常認真和火車（S）所有這些責任我們的員工。”她拒絕透露進一步的細節的情況下。 張於花旗在台灣，終止上個月，投訴說。馬薩諸塞州的結算也SAC員工工作時間$14億美元的對沖基金，根據增加有關交易慣例的審查已經提供了新的細節。在7月美國政府提出刑事指控內幕交易SAC。對沖基金表示，它已經沒有做錯事，不承認控罪。 高爾文說，他會很樂意配合探測SAC聯邦或其他國家機關。 張崇和對沖基金之間的電子郵件，顯示這家溫馨的文化，這再次說明，有兩種類型的客戶，大的，零售客戶往往不“收到這樣的信息，”高爾文在電話採訪中說。 “投訴援引一封電子郵件從一個不明身份的SAC僱員誰問了接觸花旗“u能發送的整個iPhone4/4s/5的供應鏈有我的一切嗎？。

花旗員工通過詢問他們的同事立即回應：“你可以請直接發送到（SAC資本的僱員）...他需要盡快 - 直接為（SAC資本）。 常也直接聯絡由國資委僱員。 “嘿，凱文，你拿起任何順序削減到iPhone？”電子郵件說。 張崇送他未發表的研究，其中包括鴻海為蘋果iPhone的訂單預測的數字和未發表的研究2012年12月13日國資委員工。昌的研究結果發表在12月14日。 國資委發言人表示，他並沒有就此事發表評論。 張也收到的郵件來自花旗集團的同事說，其他大客戶，其中包括城堡，蘋果希望他的意見。城堡員工通過電子郵件發送昌在12月13日說：“今晚我們可以做一個快速的呼叫？”高爾文，誰一直在工作了18年，在證券行業，樂意為了保護小的，私人投資者對華爾街銀行採取的聲譽作為一個積極的穩壓器。在2011年，高盛同意支付1000萬美元的罰款，並停止為客戶提供交易思路在內部聚會被稱為“交易擠作一團。” 編輯理查德Valdmanis和安德魯乾草

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