Former Fund Treasurer Barred
The former treasurer and comptroller of two Citigroup funds has been permanently barred from associating with any investment adviser or broker-dealer.
Irving David was formerly employed by Citigroup Global Markets and served as treasurer of the Consulting Group Capital Markets Funds and controller of Smith Barney World Funds. The SEC alleged that while serving in those capacities, David stole a total of approximately $47,529 from the two funds. This, said the SEC, violated his fiduciary duties to the funds’ shareholders. The SEC also alleged that David made false Sarbanes-Oxley certifications on the Consulting Group’s fund Form N-SAR. On April 7, 2004, David pleaded guilty to embezzlement and mail fraud. As part of that settlement, he agreed to be barred from associating with any adviser or broker. Last week’s order made those bars official.
David previously had been barred from serving as an officer, director, member of any advisory board, adviser, or depositor of any registered fund, or as principal underwriter of any fund.