The securities and investment banking arm of Citigroup, the world's largest financial services group, has been fined by US regulator, the National Association of Securities Dealers, for a series of selling violations.

Citigroup Global Markets was fined $275,000 (€206,000) for making unsuitable recommendations to clients investing in products of two of its proprietary managed futures funds. It also made inadequate disclosure of the risks involved in the funds and failed to maintain suitable records.