While your Uncle Doug is fond of saying that "all those Wall Street broker types are criminals," we all know that isn't really the case...kinda.
A Citigroup Inc. brokerage unit’s failure to run adequate background checks on thousands of employees led to three individuals who’d been convicted of crimes working for the firm, an industry regulator said.
But don't worry, the lax background checking was only an issue for like seven years...
Citigroup Global Markets Inc. insufficiently screened 10,400 workers from January 2010 until May 2017, triggering a $1.25 million fine, the Financial Industry Regulatory Authority said in a Monday statement. At least 520 of the employees weren’t finger-printed. All the workers were non-registered, meaning they weren’t brokers.
To be fair, not paying attention for almost a decade and hiring like only three possible felons is not so bad for your internal controls considering, and by "considering," we mean "if you compare it to Deutsche Bank."