Citigroup Global Markets Inc. will pay $30 million to Massachusetts to settle charges a company analyst improperly shared research with large investors in advance, giving them the chance to profit from weaker sales of iPhones. The information was not shared with other investors until a day later.
The settlement is one of the largest by Secretary of State William F. Galvin’s securities division and the second case in two years involving New York-based Citigroup. It’s the latest example of how far Galvin, known for his aggressive policing of the investment industry, is willing to go to pursue what he calls unfairness to ordinary investors.
The settlement filed late Wednesday centered on a research office halfway around the world sharing coveted tips on anticipated sales by giant Apple Inc. with a handful of sophisticated money managers. Full story for BostonGlobe.com subscribers.
Beth Healy can be reached at Beth.Healy@globe.com.