Mass. fines Citigroup $2M over Facebook IPO

BOSTON (AP) -- The top securities regulator in Massachusetts has fined Citigroup Global Markets Inc. $2 million for failing to supervise analysts who improperly disclosed confidential information about Facebook's initial public offering.

Secretary of State William Galvin announced Friday that CGMI acknowledged a statement of facts in the case and agreed to permanently stop violating state securities laws.

Galvin's office said a junior analyst assigned to work on the spring IPO emailed two employees at a tech blog that contained confidential non-public CGMI information, including a senior analyst's view of investment risks and positives, and revenue estimates for Facebook. The analyst was eventually fired.

Galvin says the senior analyst also gave unpublished information about YouTube revenue estimates to a reporter for a French business magazine.

A message was left for CGMI for comment.