Salomon Smith Barney To Pay $5 Million Fine

Communications Today, Sept 26, 2002

Investment firm Salomon Smith Barney, a unit of Citigroup [C], has agreed to pay the National Association of Securities Dealers $5 million for issuing misleading research reports in 2001 on Winstar Communications. The NASD also filed complaints again Jack Grubman, the former managing director of the company's equity research department, and Christine Gochuico, a Salomon vice president and an assistant to Grubman. Both Grubman and Cochuico wrote the reports that were the focus of the inquiry.

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