Citigroup Settles SEC Fraud Complaint for $285 Million

Citigroup has agreed to pay $285 million to settle charges that it packaged and sold a bunch of mortgage-backed securities in 2007 that it knew would drop in value, and then bet that they would in fact drop in value, making money off the suckers it sold them to.

Feel free to call CEO Vikram Pandit and offer your condolences.

[Photo via Getty]