October 23, 2003
Following the Wall Street scandals, Citigroup has said that it has fired four Smith Barney brokers for “inappropriate behavior related to market timing.” The Smith Barney firing comes at a time where there is a lot of scrutiny on illegal trading practices. Elliot Spitzer, the attorney general for New York whom was instrumental in breaking the Wall Street scandals, alongside the Securities and Exchange Commission is currently investigating improper mutual fund trading. Elliot Spitzer has said “the number of entities that will be held liable both civilly and criminally is substantial…It will be double digit, no question about it.”
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