Citi, Merrill among firms settling over diversion of muni bond proceeds
![municipal bonds, finra](https://s32566.pcdn.co/wp-content/uploads/2019/10/FREE_121229938_AR_-1_0-1-951x634.jpg.optimal.jpg)
Five shops agree to $3.35 million Finra fines, $1.13 million in restitution.
Five big municipal bond underwriters have agreed to pay $3.35 million in fines to Finra, and $1.13 million in restitution to California issuers, to settle allegations they illegally used underwriting proceeds to pay dues to a lobbying group.
Citigroup Global Markets Inc. is paying an $888,000 fine,
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