Thomas Jones, who was ousted as Citigroup's former head of asset management and private banking after regulators shut down his Japanese operations, has been charged by the US Securities and Exchange Commission in connection with a fraud costing fund investors up to $100m (€81m).

Lewis Daidone, another former Citigroup executive who was treasurer and chief financial officer to the funds, faces SEC charges of misleading the funds' boards by saying that the transfer agency switch was in the best interests of investors.