Monster FINRA Award Gainst Citigroup and Citigroup Global Markets

Citigroup recently got drilled by a FINRA arbitration panel for almost $17 million. The Claimants were awarded $15.8 million in compensatory damages. They were also given $1 million in "sanctions" by the arbitrators. The panel did not specify why the sanctions were awarded. The award was to a team of Citigroup institutional advisers. James Bryan Minchello and Ryan Minchello filed the case in 2009, alleging that Citigroup failed to compensate them for certain transactions. The case number is 09-02800 and it was heard in Boston, Massachusetts.