Two former Citigroup executives, the CEO and the CFO of the mutual fund unit, Citigroup Asset Management, were accused yesterday of kicking back tens of millions of dollars in mutual fund savings to the company's transfer agent, rather than to investors.

In Manhatan's U.S. District Court The Securities and Exchange Commission charged Thomas Jones and Lewis Daidone, former chief executive officer and chief financial officer, respectively, of returning tens of millions of dollars in savings realized through a favorable contract with the firm's transfer agent, First Data Investment Services, rather than its rightful owners: the shareholders.

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