WASHINGTON – Citigroup Global Markets, Inc. agreed to pay a $250,000 fine after the Financial Industry Regulatory Authority found rule violations including the failure to report accurate interest rate reset information for 251,507 variable rate demand obligation securities.

In a separate case, Livingston, N.J.-based The GMS Group settled with FINRA for selling municipal bonds to retail customers in amounts below the minimum denominations set by the issuers and, in some instances, failing to disclose that fact to the customers. GMS agreed to pay $45,000 to settle the Municipal Securities Rulemaking Board rule violations.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.