Wednesday, May 26, 2010


BANZAI7 NEWS--Citibank Wednesday agreed to pay $1.5 million to settle claims that it dozed off at the switch as one of its brokers allegedly joined his customers in a scheme to steal tens of millions of dollars from the dead.

The Financial Industry Regulatory Agency, the self-regulator known as Finra, said Citi agreed to pay a $750,000 fine and to repay $750,000 in commissions in the case of Mark Singer.

He is the former Citigroup broker who participated in a scheme that allegedly bilked $60 million from buyers of prepaid cemetery plots in Tennessee and Michigan over two years.

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