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…
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4closureFraud.org
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Loreley Financing v. Citigroup Global Markets
Due diligence should be the motto of all who are involved with finances.
Believe nothing you hear, and only half of what you see.
They really are idiots when you look at it through Mike Meyers lens..!
LOL!! Why make billions when we can make trillions!!! Mwahaha!
Cue the laser!