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Judge Rejects SEC Suit Against Former Citigroup Execs
Charges by the SEC that two former Citigroup executives "aided and abetted" their company in a scheme to cheat mutual fund investors of almost $100 million have been dismissed by a federal judge in New York. The judge granted Thomas W. Jones and Lewis E. Daidone's motion for summary judgment, finding that the SEC's actions seeking civil penalties and an injunction against the executives were time-barred. The judge also held that the SEC's request for disgorgement was "not supported by sufficient facts."