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SFC fines Citigroup HK$6m and suspends former Responsible Officer | FINRA AWC letter
SFC, 3-Oct-2011
...for failing to detect and then covering up a 5-year Ponzi scheme run by a staff member of the private banking division. Mr X was dismissed for gross misconduct on 16-Feb-2009 and left HK before the SFC could get hold of him. Our database confirms that the only male who left the firm that day is Ramesh Kumar Chuharmal Sadhwani. On 20-Apr-2011 he signed a letter of Acceptance, Waiver and Consent with FINRA in the US to be fined US$5k (if he ever returns to the industry) and to be suspended for 2 years, and not to defend allegations against him there. Interestingly, that letter states that he was terminated from Citigroup on 19-Dec-2008, 2 months earlier than in HK.
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