Employees who wanted to increase their sales numbers used privileged customer information to apply and/or acquire products and services without customers’ knowledge.

On August 17, Citigroup agreed to pay $180 million to settle charges from the SEC that two of the megabank’s hedge funds defrauded investors. According to the SEC, Citigroup’s hedge funds “made false and misleading representations to investors” about how risky investing in the funds were.