Citigroup unit fined $45 million for misleading clients over 11 years

Hong Kong’s Securities and Futures Commission has fined institutional brokerage Citigroup Global Markets Asia Ltd. $348.25 million Hong Kong ($45 million) for “pervasive dishonest behavior,” South China Morning Post reported. The watchdog has accused the Citigroup unit of mislabeling the trading potential of selected blue chip stocks to induce institutional clients into buying them between 2008 and 2018.