Citigroup Ordered to Pay $304,639 for Sale of ASTA Five
A Financial Industry Regulatory Authority (FINRA) arbitration panel in Los Angeles found Citigroup Global Markets, Inc. liable to investors who purchased ASTA Five. ASTA Five was a leveraged tax free municipal arbitrage hedge fund of Citigroup’s marketed to high net worth clients between 2002 and 2007. In February 2007, the funds imploded resulting in massive losses for investors.
According to the award, the panel ordered Citigroup to pay $304,639 in compensatory damages to the Claimants, plus $18,500 in expert witness fees, $13,129 for court reporter fees and $12,375 in forum fees for the arbitration. The award was dated December 13, 2010. (FINRA# 09-01338; Ronald S. Beard and Karin G. Paridee-Beard, Individually and as trustees of the Beard Living Trust dtd 3/30/1999 v. Citigroup Global Markets, Inc.)
If you have suffered losses in ASTA Five or MAT Five investments, contact our securities law firm for a confidential, no obligation consultation at 1-800-259-9010.