Citigroup subsidiary Smith Barney said it put the kibosh on market-timing activity it found in one of its funds in its Consulting Group Capital Markets Funds back in 2001, according to a recent regulatory filing. The firm said that "governmental review" of the matter is continuing, although Smith Barney did not specify which regulator is probing the group. However, the firm has previously said that both the SEC and the U.S. Attorney are looking at trading practices at the firm.

Back in October, the firm fired four brokers after an internal probe uncovered an agreement that allowed an investor to rapidly trade in and out of the fund. Smith Barney said it doesn't expect any resolution to have a material impact on the fund itself.

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