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47. Citigroup Mexico Worker Said to Take Papers Tied to Fraud

Fri Apr 11, 2014, 09:08 AM

Apr 2014

http://www.bloomberg.com/news/2014-04-11/citigroup-mexico-worker-said-to-take-papers-tied-to-fraud.html

A Citigroup Inc. (C) employee in Mexico left the bank’s offices with documents related to a suspected $400 million loan fraud, according to two people briefed on the incident.

The junior worker at the bank’s Banamex unit took invoices bearing forged signatures from an office in Ciudad del Carmen on the Gulf Coast after the New York-based lender discovered the fraud in February, said one of the people, who requested anonymity because the information wasn’t public. The employee has since been fired, the other person said, declining to specify whether the documents have been recovered.

Mark Costiglio, a bank spokesman, declined to comment.

Bogus loans to oil-services firm Oceanografia SA, also based in Ciudad del Carmen, reduced the bank’s 2013 profit by $235 million, Citigroup announced on Feb. 28. At the time, Chief Executive Officer Michael Corbat called it an isolated incident and a “galling example” of what happens when employees fail to act with the highest ethical standards.

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