Published : 2013-10-04 21:01
Updated : 2013-10-04 21:01
BOSTON (AP) ― Citigroup Global Markets Inc. will pay $30 million to Massachusetts to settle charges that a company analyst in Taiwan improperly shared research with four major clients several days before making the information widely available to all.
Secretary of State William Galvin says by giving the information to certain clients in advance, it allowed them to profit from weaker sales of iPhones.
The settlement was filed Wednesday.
Galvin tells the Boston Globe that when elite clients get an unfair edge, it’s like average investors “going to the supermarket and having a weighted scale.”
Galvin had the authority to pursue Citigroup because the company is registered to conduct business in Massachusetts.