Barclays was hit with a $361 million penalty for issuing securities

Sept 29 (Reuters) – British bank Barclays ( BARC.L ) agreed to a $361 million penalty for internal control failures related to the unregistered offering and sale of “an unprecedented amount” of securities, the U.S. Securities and Exchange Commission said on Thursday.

“While we recognize Barclays̵[ads1]7; efforts to identify, disclose and remediate this conduct, the lack of controls and the scale of the conduct at issue here were simply staggering,” said the director of the SEC’s Division of Enforcement, Gurbir Grewal, in a press release.

(This story corrects the headline and first paragraph to make clear that $361 million was the amount of the penalty, not the payment)

Reporting by Kanishka Singh in Washington; writing by Costas Pitas; editing by Tim Ahmann

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