Citigroup Liable for $3.1 Million Arbitration Award
September 17, 2013
An arbitration panel awarded a Florida couple $3.1 million in damages after finding that Citigroup did not properly supervise a broker who steered more than $1 million of their money into a politician’s real estate development that later failed. The broker made the recommendation without Citigroup’s knowledge – a practice known as “selling away” that is explicitly prohibited.
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