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Barclays hit by $361 million penalty over issuance of securities

Stock Markets Sep 30, 2022 02:56PM ET
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© Reuters. FILE PHOTO: The logo of Barclays bank is seen on glass lamps outside of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville
 
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(Corrects headline and first paragraph to make clear $361 million was size of penalty, not payment)

(Reuters) - British bank Barclays (LON:BARC) agreed to a $361 million penalty over internal control failures related to the unregistered offer and sale of "an unprecedented amount" of securities, the U.S. Securities and Exchange Commission said on Thursday.

"While we acknowledge Barclays’ efforts to identify, disclose and remediate this conduct, the control deficiencies and the scope of the conduct at issue here was simply staggering," the director of the SEC’s Division of Enforcement, Gurbir Grewal, said in a news release.

(The story corrects headline and first paragraph to make clear that $361 million was the size of penalty, not payment)

Barclays hit by $361 million penalty over issuance of securities
 

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Comments (4)
calvin tran
calvin tran Sep 30, 2022 3:28PM ET
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cost retailors billions and billions
ROB Stone
ROB Stone Sep 30, 2022 3:19PM ET
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Just the cost of doing business
Ernie Keebler
Ernie Keebler Sep 30, 2022 3:06PM ET
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Don't know of a large bank that hasn't paid huge fines in the last 10-15 years for doing wrong yet they are still allowed to squeeze consumers, get easy money from fed or other central banks, all the while 99% of the wrongdoers continue in business and all the CEO's get to keep their jobs and cash
Robert Copeland
Robert Copeland Sep 30, 2022 9:23AM ET
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These guys have the largest Market Discounts I've ever seen. They're amazing and maybe you got some of them?
 
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