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The Boston Globe

Business

State fines Citigroup $2m in case related to Facebook stock sale

Massachusetts fined Citigroup Global Markets Inc. $2 million for violating state securities law when it released confidential information about Facebook Inc. during the social media company’s troubled initial public offering earlier this year.

While the case relates to action that occurred in Citigroup’s San Francisco office, Massachusetts has jurisdiction due to a 2003 consent order that the firm, then known as Salomon Smith Barney, signed with the state to settle charges of securities fraud. Citigroup, which is based in New York, is also registered to do business in Massachusetts.

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