The customers of Citigroup should be careful before they plan to deposit their hard earned money in the bank. Lately, the bank has been in news for breaching the law by defrauding its customers. As a way to apologize, the group apologized to its customers and promised the Securities and Exchange Commission of not repeating it again.

However, do you even know ads t o how many times the group has pledged not to swindle its customers? Since 2000, the group has cheated on its customers four times. It might surprise you, but it's true.

For the very first time, its treacherous act was caught in 2000. At that time, it apologized to its customers and the Securities and Exchange Commission. Following it, in 2004 and 2006, it didn't dither from looting its customers.

When it comes to cheating the customers there are a number of well renowned financial institutions which have played dirty role. The financial institutions like Goldman Sachs, Morgan Stanley, JP Morgan Chase and Bank of America are some of those famous financial institutions which have tried to settle down the dispute by false claims.

The Securities and Exchange Commission has noted that even after promising of not repeating the mistake many institutions have done it last year. Now, the authorities are gauging ways by which they could prevent these misfortunate incidents.

Moreover, authorities concerned are also planning to take serious action against those who breaches their promise made to the Securities and Exchange Commission. The failure of the Commission in punishing the culprits has led the critics to say that the Commission is failing to play its role. The President of Citigroup, Dennis Kelleher stated, "Such settlements don't deter crime. They reward it".