Victor Menezes, former head of emerging markets at Citigroup, has agreed to pay $2.7m (€2.2m) in fines and penalties to settle insider trading charges brought against him by the Securities and Exchange Commission.

The US regulator said Menezes, who retired from Citigroup in December 2004, will pay $1.5m in disgorgement, $328,000 in prejudgment interest and a $783,000 penalty.