Securities Lawyers Blog
Our law firm represents individual and institutional investors that have been mistreated by their brokers and brokerage firms, such as Citigroup Global Markets Inc.. Many investors do not recognize broker misconduct in their accounts, and those that do are often hesitant to seek help. Broker misconduct spans many issues that violate industry rules, including unauthorized trading, breach of fiduciary duty, unsuitable asset allocation, and churning. The attorneys at Gana Weinstein LLP can analyze your accounts and investments to determine if there was misconduct in the handling of your account.
Citigroup Global Markets Inc. is the main U.S. broker-dealer of Citigroup, providing investment banking, securities and commodities trading, capital raising, research, brokerage, and investment advisory services. Based in New York, the firm serves both individual and institutional clients and is also registered as a municipal securities dealer, swap dealer, and futures commission merchant.
Citigroup Global Markets Inc. – By the Numbers:
- CRD #: 7059
- Regulatory Events: 588
- Arbitration Events: 642
- Broker Employees: 6,580
Citigroup Global Markets Inc. – Investment Advisors:
- SEC #: 3387
- Assets Under Management: $56,006,655,920
- ADV Form Employee: 7,036
Citigroup Global Markets Inc. – In the News:
FINRA v. Citigroup Global Markets Inc. (Case #2023080783201) – From April 2015 to June 2023, CGMI violated MSRB Rules G-2 and G-3 by permitting three associated persons to engage in activities requiring qualification as a municipal securities representative when they were not qualified to act in that capacity.
FINRA v. Citigroup Global Markets Inc. (Case #2021070664101) – From October 2012 through March 2021, CGMI failed to collect initial and maintenance margin on over-the-counter (OTC) equity option contracts it entered into with two affiliated entities. As a result, the firm: (i) failed to collect the requisite margin in violation of FINRA Rules 4210 and 2010; (ii) extended credit in cash accounts in violation of Exchange Act § 7(c), Regulation T of the Board of Governors of the Federal Reserve System (Reg T) and FINRA Rules 4210 and 2010; (iii) inaccurately reported net capital in violation of Exchange Act § 15(c)(3), Exchange Act Rule 15c3-1(c) and FINRA Rule 2010; (iv) filed inaccurate FOCUS Reports in violation of Exchange Act § 17(a)(1), Exchange Act Rule 17a-5 and FINRA Rule 2010; and (v) maintained inaccurate schedules to the firm’s general ledger in violation of Exchange Act § 17(a), Exchange Act Rule 17a-3, and FINRA Rules 4511 and 2010.
FINRA v. Citigroup Global Markets Inc. (Case #2020066141101) – Between November 2017 and August 2022, CGMI violated Securities Exchange Act of 1934 Rule l 4e•4, commonly referred to as the “Short Tender Rule,” and FINRA Rule 2010, by over•tendering shares in 13 partial tender offers (PTOs), and received ill•gotten gains of approximately $5.7 million. Also, from November 2017 through December 2020, CGMI violated FINRA Rules 3110 and 20 l Oby failing to have a supervisory system reasonably designed to achieve compliance with Exchange Act Rule 14e-4.
FINRA v. Citigroup Global Markets Inc. (Case #2019062946601) – From October 2016 through July 2020, CGMl issued approximately 37,000 inaccurate trade confirmations to customers in connection with the firm’s principal trading activity on its alternative trading system (ATS), CitiBLOC ATS. Specifically, the firm inaccurately reported its execution capacity as agent when, in fact, the firm acted in a principal capacity. Accordingly, CGMI violated Exchange Act Rule IOb-10, promulgated under Exchange Act Section I0(b), Exchange Act Section 17(a), Exchange Act Rule 17a- 3, and FlNRA Rules 2232, 4511, and 2010.
FINRA v. Citigroup Global Markets Inc. (Case #2018057494001) – Since at least January 1, 2014 through the present, the firm violated Rule 200(f) of Regulation SHO and FINRA Rule 2010 by improperly including securities positions of non-broker-dealer affiliates in two of its aggregation units when calculating the net positions of the aggregation units. The film also failed to establish, maintain, and enforce, a supervisory system reasonably designed to achieve compliance with Rule 200(t), in violation ofFINRA Rules 3110 and 2010.
Gana Weinstein LLP has successfully litigated broker disputes through verdict or settlement. We represent both individuals and institutions throughout the country in FINRA arbitration, as well as commercial litigation in state and federal courts. Our consultations are both free and thorough and our securities litigation attorneys can help you uncover wrongful activity in your account.