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April 4, 2014

Citigroup Faces Criminal Probe over Fraud at Mexican Unit 
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Citigroup is reportedly facing a criminal investigation after
revelations of a $400 million fraud involving its Mexican unit, Banamex.
In February, Citigroup revealed at least one Banamex employee had
processed false documents which helped a Mexican oil services firm
defraud the company. According to The New York Times, the FBI and U.S.
attorney's office in Manhattan have opened a probe into whether
Citigroup ignored warning signs. The bank is also facing a separate
probe from federal prosecutors in Massachusetts over the possible
laundering of drug money through a Citigroup account. Citigroup received
two taxpayer bailouts, racking up more in federal aid during the
financial crisis than any other bank.

 

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