The US Securities and Exchange Commission said Citigroup agreed to pay nearly $180 million to investors to settle accusations that it made false and misleading representations concerning the risks of two hedge funds that ultimately collapsed during the financial crisis.

According to the SEC, Citigroup made false and misleading representations to investors in the ASTA/MAT fund and the Falcon fund, which collectively raised nearly $3 billion in capital from roughly 4,000 investors before they collapsed. The SEC added that even as the funds were collapsing, Citigroup accepted nearly $110 million in additional investments.