Reader Ronald will be overjoyed with this one. Citigroup have been fined $30m after one of its research analysts provided a large US hedge fund and institutional clients with confidential and unpublished research in 2012. The recipients were said to include SAC cap, T Rowe price group, Citadel and GLG Partners. The leaked research was on Hon Hai precision industries Co, who is a major supplier of iphones.
Three Citigroup clients traded in Apple stock between the early receipt of the Hon Hai production numbers and the official release.
Naughty naughty.