The Securities and Exchange Commission has reached a $20 million settlement with broker/dealer CitiGroup Global Markets due to the firm failing to provide customers with adequate investment information and for not disclosing revenue-sharing agreements with mutual fund complexes.

The CitiGroup unit was additionally hit with a separate, $6.25 million penalty from the NASD. The NASD fine against the CitiGroup unit is part of a larger, $21 million action that also levies $13 million against American Express Financial Advisors and $2 million against Chase Investment Services for similar disclosure failures. The SEC and NASD carried out the investigation jointly.

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