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FINRA Arbitrators Order Citigroup To Pay $54 Million for MAT/ASTA Funds Claim

April 11, 2011 by jordan

A FINRA arbitration panel has ordered Citigroup Global Markets to pay a combined $54 million in awards to clients who were sold the MAT/ASTA funds (FINRA Arbitration 09-03297). The claimants, who were former clients of Citigroup, alleged that they were the victims of securities fraud, unsuitability, and a failure to supervise arising from multiple investments […]

Filed Under: Blog Tagged With: Citigroup, FINRA, FINRA Arbitration, Investment Fraud Attorney, MAT/ASTA, Securities Lawyers

Citigroup/Smith Barney MAT/ASTA Funds

March 11, 2011 by lmitchum

Smiley Bishop & Porter LLP is investigating the Citigroup/Smith Barney MAT/ASTA Hedge Funds. The Funds were allegedly marketed as conservative, suitable investments. Unfortunately, the Funds were heavily leveraged and exposed to higher risk than represented. The Funds were involved in a risky investment strategy known as municipal arbitrage, and many investors were unaware of the […]

Filed Under: Current Investigations Tagged With: Citigroup, Investment Fraud Attorney, MAT/ASTA, Securities Arbitration Attorney, Securities Fraud Lawyer, Securities Law Firm, Securities Lawyers, Stock Fraud Attorney

MAT/ASTA Fund

March 11, 2011 by lmitchum

In 2002, Citigroup’s Smith Barney brokerage unit started marketing six MAT/ASTA hedge funds to its clients. These Citigroup proprietary funds were trusts, which used borrowed money to buy municipal bonds, and were supposed to make profits based on the spread in interest rates between borrowed and invested funds. Total assets in these funds were approximately […]

Filed Under: Investment Products Tagged With: Investment Fraud Attorney, MAT/ASTA, Securities Arbitration Attorney, Securities Fraud Lawyer, Securities Law Firm, Securities Lawyers, Stock Fraud Attorney

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