EX-CITIGROUP BROKER VINDICATED WITH $4M FINRA ARBITRATION AWARD

A Miami broker, formerly with Citigroup, won a nearly $4 million award in a recent FINRA arbitration case regarding wrongful termination.  Christian Gherardi “worked at Smith Barney and other Citigroup units in Miami from the start of his career in 1996 until he was fired in December 2015.”[1]  Gherardi alleged that Citi fired him because it was afraid he would leave the firm and it wanted to retain his $200 million book of business.            Moreover, Citi was allegedly worried that Gherardi would leave because of a moratorium that had been imposed on the bank which prevented brokers from pursuing new business until the bank got some things in order with its anti-money-laundering program.  “Citi managers alleged that Gherardi had physically threatened other brokers who were trying to poach his accounts.”1  Mr. Gherardi claimed the incidents were distorted by Citi in an effort…

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