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Many people on Wall Street were surprised when an arbitration panel awarded Larry Hagman, who played the rapacious oil baron J.R. Ewing in the 1980s hit series “Dallas,” won $11.6 million in a securities arbitration case against Citigroup. His broker, Lisa Detanna, was also surprised. She recently sent a letter about the case to hundreds […]
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined HSBC Securities (USA) Inc. $375,000 for recommending unsuitable sales of inverse floating rate Collateralized Mortgage Obligations (CMOs) to retail customers. HSBC failed to adequately supervise the suitability of the CMO sales and fully explain the risks of an inverse floating rate or other […]
The firm announced today that it is investigating potential claims on behalf of investors who invested in the following municipal arbitrage funds: 1861 Capital Management Citigroup’s Mat and ASTA Funds Aravali Fund Blue River Asset Management GEM Capital Havell Capital Enhanced Municipal Income Fund Rockwater Hedge Fund, LLC Stone and Youngberg Municipal Advantage Fund TW […]
The firm announces it’s continuing investigation into the ASTA/Mat municipal arbitrage funds launched by Citigroup Global Markets, Inc. and sold through Smith Barney, part of Citigroup’s (NYSE:C) Global Wealth Management Group. The ASTA/Mat funds were first rolled out in 2002 and imploded in February 2008 causing catastrophic losses to investors. In May 2010 two Los […]
The 1861 Capital funds, marketed initially as a relatively safe fixed income product promising slightly higher returns than municipal bonds, ultimately proved to be highly risky and volatile investments. Managed under a municipal arbitrage strategy, these funds were leveraged, significantly amplifying both potential gains and losses for investors. This strategy, as described by Ryan Bakhtiari, […]