Please ensure Javascript is enabled for purposes of website accessibility

Citi’s Twitter Team Fails to Perform Due Diligence on Felon Seeking Loan

Remember how a Mexican subsidiary of Citigroup kinda loaned a few hundred million to a shitty oil company? No? Allow us to refresh you:

Banking giant Citigroup cut its fourth quarter and full year 2013 estimates on Friday, as its profit was hit by fraudulent activity at a Mexico-based subsidary.

The bank said in a statement that Banco Nacional de Mexico, or Banamex, had loaned $585 million in short-term money to a Mexican oil services company named Oceanografia. It was later discovered that the firm had been suspended by the government from being awarded new contracts,

"Based on Citi's review…Citi estimates that it is able to support the validity of approximately $185 million of the $585 million of accounts receivables owed to Banamex by Pemex as of December 31, 2013," the bank added.

As a result of the incident, Citi will take an estimated $235 million after-tax, or $360 million pre-tax, charge against last year's earnings. The impact will lower 2013 net income from $13.9 billion to $13.7 billion.

Never one to miss out on the opportunity part of the fraud triangle, everyone's favorite unrepentant felon Sam Antar reached out to Citi looking for a little handout of his own. That's not the good part (anyone who follows Sam on Twitter knows Sam has dedicated himself to the fine art of trolling). The good part is that Citi actually took the bait:

We have a feeling Sam is going to take this as far as Citi will let him, we'll keep you posted on any developments.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

downtown LA skyline

EY’s Landlord Didn’t Pay the Mortgage on the Downtown LA Office Building

Before we get into the situation, please note the issue discussed here is not EY’s fault. Rather, the office tower bearing the firm’s name at 725 South Figueroa Street in downtown Los Angeles has entered receivership after asset management company Brookfield stopped making payments on its debt in April. Commercial real estate firm Colliers has […]

FUBAR keyboard key

Deloitte Risk Advisory Associate Director Who Praised Hitler on LinkedIn No Longer Works at Deloitte

Ed. note: this article’s headline has been changed as we don’t actually know if he got fired or not. Neerabh Mehrotra, formerly Associate Director at Deloitte India, has been let go after he gushed over Adolf Hitler’s charisma, intelligence, and confidence on LinkedIn. The post: Text transcription, courtesy Google Lens: ­čśŐFriday Inspiration­čśŹ Recently I picked […]