BANKING & FINANCE - June 26, 1992
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From Times Staff and Wire Reports
Citibank Settles Charges Over Canceled Bonds: Citibank has settled government complaints that it failed to destroy worthless securities that were later sold around the world in a multimillion-dollar scam. The Office of the Comptroller of the Currency said the nation’s largest bank, without admitting or denying guilt, settled charges that it did not safe-keep and destroy the canceled corporate bonds. By October, 1991, at least $640 million of the worthless bonds had been sold.
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