Citigroup Fraud In Mexico Said To Be "One Off"; Suspect Questioned

Citigroup Inc (NYSE:C), the victim of a recent $400 million fraud in Mexico, said they are “fairly confident” the fraud was an isolated incident.

Isolated incident, says Citigroup

“The only customer where we saw any issues like this was in this one client relationship. So we’re fairly confident that this, in fact, is an isolated incident,” John Gerspach, Citigroup Inc (NYSE:C)’s chief financial officer, said at an industry conference on Monday.

$585 million in short term loans at issue

The issue stems from $585 million in short-term loans Citigroup Inc...