Citigroup Faces Probe into $400 Million Fraud at Mexican Unit

The U.S. government has opened an investigation into Citigroup's Mexican unit over $400 million in fraudulent loans, according to a report by the New York Times. Citigroup disclosed in February it discovered that at least one employee at its Mexican unit, Banamex, falsified documents in order to give a Mexican oil services company a loan it cannot repay. Now, U.S. federal authorities are investigating Citigroup's internal controls and whether the bank ignored warning signs of the fraud.

Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.