Citigroup Inc (C) Revises 2013 Results Downward Due To Fraud In Mexico

Citigroup Inc (NYSE:C) is revising its full pre-tax 2013 results lower by $360 million due to fraud in its Mexican subsidiary.  The charge to earnings revises 2013 net income to $13.7 billion. Fraudulent customer accounts receivable at issue The issue stems from $585 million in short-term loans Citigroup Inc (NYSE:C) provided to Oceanografia S.A. de C.V. (OSA), a Mexican oil services company, through an accounts receivable financing program. OSA has been a key supplier to Petróleos Mexicanos (Pemex), the Mexican state-owned oil company. When it was discovered that OSA was suspended from being awarded Mexican government contracts, both Cit and Pemex…