Loreley Financing v. Citigroup Global Markets | Citigroup Sued for Fraud Over $1 Billion of CDOs
Citigroup sued for fraud over $1 billion of CDOs
(Reuters) – Citigroup Inc (C.N) was sued for fraud by Loreley Financing over nearly $1 billion worth of collateralized debt obligations purchased in 2006 and 2007.
Citigroup is accused of defrauding Loreley into purchasing “fraudulent investments that are now worthless,” Loreley said in a complaint filed Tuesday in New York State Supreme Court in Manhattan.
Citi used the CDOs to offload the risks of toxic mortgage-backed securities on its books and to help preferred clients “short” the housing market, the lawsuit claims.
Rest here…
Complaint Below…
~
4closureFraud.org
~
Loreley Financing v. Citigroup Global Markets
Related posts:
- U.S. SECURITIES COMMISSION v CITIGROUP GLOBAL MARKETS INC | $285 Million Citi Settlement With SEC Rejected by Judge Jed Rakoff
- Unsealed Complaint | Citi Tried to Pass Off Madoff Exposure – Irving Picard, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC v Citibank and Citigroup Global Markets Limited
- JPMorgan’s Independent Foreclosure Review Firm Deloitte & Touche LLP Recenly Sued for Failing to Detect Fraud that Led to more than $7 Billion in Losses
- KABOOM – JPMorgan Chase, Credit Suisse, Bank of America, Barclays, Citigroup, Countrywide, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley, UBS et al Sued For FRAUD
- Complaint and Exhibits | BofA Sued Over $1.75 Billion Countrywide Mortgage Pool in U.S. Bank NA v. Countrywide Home Loans Inc
Due diligence should be the motto of all who are involved with finances.
Believe nothing you hear, and only half of what you see.
Report this comment
They really are idiots when you look at it through Mike Meyers lens..!
Report this comment
LOL!! Why make billions when we can make trillions!!! Mwahaha!
Report this comment
Cue the laser!
Report this comment