Citadel sells 17 million shares of E*Trade, cuts ownership to 9.9%

By Lisa Kerner

Charlotte, N.C., Sept. 25 - Citadel Investment Group, LLC sold 17 million shares of E*Trade Financial Corp. common stock on Sept. 22 through Sept. 24 priced from $1.91 to $2.08 each, according to a schedule 13D/A filed with the Securities and Exchange Commission on Friday.

The investor beneficially owns 172,351,609 shares, or 9.9%, of the New York financial services company.

As previously reported, Citadel affiliate Citadel Equity Fund, Ltd. terminated the Aug. 11 rule 10b5-1 trading plan it entered into in connection with its E*Trade holdings.

The plan provided for the sale of up to 120 million E*Trade shares, or about 10% of Citadel's holdings on an as-converted basis, for at least $1.20 per share.

According to Citadel, it made no sales under the plan, which would have allowed the investor to reduce its total exposure to E*Trade "in an orderly manner."

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