Express: Heavy Fine Imposed to Citibank Greece
Ministry of Development imposed 1.000.000 euros fine to Citibank for misleading consumers regarding Lehman Brothers' products. After charges being pressed by consumers, Ministry of Development proceeded to controls and found out that Citibank was misleading consumers providing guarantees that Lehman Brothers' products would pay off high profits.
More specifically, the General Secretary of Consumers Office processed evidence according to which 85 branches of Citibank distributed to the Greek market (advertising leaflets and application forms of Buying Titles) compound bank products, "structured bonds", as products of 100% guaranteed-secured capital. The products were distributed in 2004-2008 through the retail banking internet link that addresses depositor clients while the bank should have addressed through the private banking internet link, more experienced and risky investors.
All consumers were assured by the bank that their transactions would pay off high profits and that non investing risk was involved in their initial capital. They were also told that they were protected by both Lehman Brothers and the Financial Services Authority-FSA that provides investors with 100% compensations for their capitals."
On reference to this issue deputy minister of development Mr. Vlachos announced: "We continue the efforts to every direction in order to protect the consumers' interests and to impose rules to the operation of the market. For this reason, we call on everyone to undertake their responsibilities consistently to the society that we all serve".
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|Autor (Datum des Eintrages):||manyfulddick (31.03.09 23:49:58)|
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