Citigroup Ordered To Pay $1.5M For Misleading Investor

Law360, New York (September 12, 2012, 2:34 PM EDT) -- A Financial Industry Regulatory Authority arbitration panel last week ordered Citigroup Global Markets Inc. to pay nearly $1.5 million to an investor who claimed the firm misled her about the risk tied to a mutual fund.

Investor Margaret Hill claimed Citigroup committed fraud and misrepresented her investment in the Rochester Municipal Fund, according to FINRA’s Sept. 5 award. The firm convinced her to invest by telling her the fund was a safe alternative to her current investments, when it was actually dependent on risky derivatives and...
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