Citi Settles, Standard Chartered Signs, Madoff Investors Mailed

Bernie Madoff

Citigroup will pay $525,000 to resolve U.S. regulatory claims that the Wall Street bank’s traders exceeded limits on speculation in wheat futures.

Bloomberg reports that traders with Citigroup units in December 2009 held bullish positions on the Chicago Board of Trade that exceeded so-called position limits intended to curb excessive speculation, the Commodity Futures Trading Commission said in an order released Friday. The trades were used to hedge customers’ transactions in the over-the-counter swap market, the agency said.

In the meantime, the business information group also reports that Standard Chartered has signed a consent order completing a $340m agreement struck last month with New York’s banking regulator involving wire transfers on behalf of Iranian clients.

Under the accord, the London-based bank also agreed to install a monitor for two years, according to a statement Friday from Benjamin Lawsky, head of the New York Department of Financial Services. Lawsky said his agency will 'continue to work with our federal and state partners on this matter'.

Finally, Bloomberg reports that Bernard L. Madoff’s investors were mailed checks totaling about $2.5bn, almost four years after the Ponzi scheme operator was arrested.

Traders said anticipation of the payment, which many investors see as the last for a while, has spurred sales of Madoff claims in recent weeks.

Citigroup Will Pay $525,000 Over CFTC Wheat Speculation Claims

Standard Chartered Signs $340 Million N.Y. Probe Accord

Madoff Investors Get $2.5 Billion After Almost Four Years

U.S. Bancorp May Face Moody’s Downgrade as Competitors Recover

Romney Forgoes Full Charity Tax Break for 13% 2011 Rate

 

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