WASHINGTON (Sputnik) — Citigroup has agreed to pay a $7 million penalty for failing to report 26,810 security trades over a 15 year period due to a computer coding effort, the US Securities and Exchange Commission (SEC) announced in a press release on Tuesday.
"According to the SEC’s order instituting a settled administrative proceeding, the coding error occurred in the software that Citigroup used from May 1999 to April 2014 to process SEC requests for blue sheet data, including the time of trades, types of trades, volume traded, prices, and other customer identifying information," the release explained.
After discovering the coding error, Citigroup failed to report the incident to the SEC or take any steps to produce the omitted data until nine months later, the release said.
