Joe Tildesley, the councillor responsible for children and young people for Conservative-run Solihull Council, admitted the authority had no control over how the academy sets its admissions policy.

BBC: Tudor Grange Academy admissions proposals cause concern

Citi, Crittenden and Tildesley all settled the charges without admitting or denying them, and Citi emphasized that the SEC was not charging Citi or any individual with intentional or reckless misconduct.

FORBES: Citi Pays SEC $75M Over Charges It Botched Subprime Disclosures

The SEC says Crittenden was briefed on valuation issues relating to the super-senior tranches of CDOs in early September 2007 and that Tildesley found out in September that there were disclosure issues because the CDO and liquidity put amounts were missing.

FORBES: Citi Pays SEC $75M Over Charges It Botched Subprime Disclosures