Citigroup unit fined $50 million for market timing

The New York Stock Exchange's regulatory arm fined Smith Barney, a unit of Citigroup, $50 million Tuesday for using deceptive market-timing practices for hedge funds. The panel said Smith Barney generated at least $32.5 million in gross revenue from 250,000 marketing-timing exchanges between January 2000 and September 2003. "We cooperated fully with the regulators and are very pleased to resolve these matters, all of which happened prior to September 2003," Smith Barney spokeswoman Katrina Clay said.

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