The White Law Group Files a Claim against Citigroup Global Markets
The White Law Group announces the filing of a FINRA arbitration claim against Citigroup Global Markets for investment losses involving high risk investments.
The firm submitted a claim to FINRA Dispute Resolution on behalf of a Chicago, Illinois resident alleging claims for violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision.
The claim further alleges that the broker of record, Helen Caldwell of Citigroup Global Markets unsuitably invested her client in a risky movie production business.
The claim seeks damages of $100,000.01 and $500,000.00.
Brokerage firms have a fiduciary duty to adequately disclose the risks involved in an investment before recommending it to its clients. It must perform the necessary due diligence to determine whether the investment is suitable for the investor.
It is alleged that Citigroup Global Markets failed to adequately supervise a financial advisor with a history of problems.
FINRA Dispute Resolution
FINRA, the regulator who oversees brokers and brokerage firms, provides FINRA Dispute Resolution as an arbitration venue for investors with claims against their brokerage firm or financial advisor. It provides investors with an opportunity to attempt to recoup their investment losses and is an alternative to filing a claim in court.
“Investors often suffer losses due to unsuitable investment recommendations by their brokers and don’t realize they have recovery options,” said D. Daxton White, managing partner of The White Law Group, a national securities fraud and FINRA arbitration firm.
Brokerage firms are required to supervise their representatives to make sure that they are following FINRA rules. If it can be determined that the financial advisor’s employers failed to adequately supervise him, these firms can be held responsible for any resulting losses in a FINRA arbitration claim.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington.
