Citigroup Executives Depart After Mortgage-Fraud Case

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Citigroup Executives Depart After Mortgage-Fraud Case

Citigroup Executives Depart After Mortgage-Fraud Case

Reuters-

Two Citigroup Inc. (C) executives are departing after federal prosecutors named them earlier this year in a mortgage-insurance fraud case that resulted in a $158.3 million settlement and an admission of wrongdoing by the bank.

Jeffery Polkinghorne, a senior risk manager at the CitiMortgage division, is leaving after 16 years of “dedicated service,” according to an internal memo obtained by Bloomberg News and confirmed by Mark Rodgers, a spokesman for the New York-based bank. Donald Houghtalin, a compliance officer at the unit, has already left, he said in a phone interview. Neither man was sued by the government.

Both were among CitiMortgage executives named in a suit against Citigroup filed by the U.S. Justice Department earlier this year which claimed the lender saddled taxpayers with losses after falsely declaring defective home loans fit for a federal insurance program. The government alleged that some bank officials pressured other employees to change reports on faulty loans. Citigroup paid to settle the claims in February.

[BLOOMBERG]

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