Finra orders Citi to pay $4 million in wrongful dismissal case

Broker Christian S. Gherardi of Miami had sought $16.5 million in damages.
MAR 01, 2018

A Financial Industry Regulatory Authority Inc. arbitration panel has awarded Christian S. Gherardi, a former broker at Citigroup Global Markets in Miami, approximately $4 million in a case involving wrongful dismissal. Finra ordered Citigroup to pay Mr. Gherardi $3.452 million in compensatory damages, $150,000 plus interest for lost quarter trailing commissions, $395,830.22 plus interest for deferred compensation and $750 for the nonrefundable portion of the filing fee Mr. Gherardi paid Finra. The Finra panel also assessed the total hearing session fees of $28,950 to Citigroup. Mr. Gherardi had sought $16.5 million in compensatory and punitive damages. He joined Citigroup in 1996 and was dismissed in 2016. He now is employed in Miami by Bulltick, a brokerage, asset management and investment banking firm that specializes in Latin America.

Latest News

Merrill to pay $39 million in cash sweep settlement
Merrill to pay $39 million in cash sweep settlement

The financial advice industry has been facing inquiries into its cash sweep programs for years now.

SEC accuses fund advisor of defrauding SpaceX, OpenAI investors
SEC accuses fund advisor of defrauding SpaceX, OpenAI investors

Investor money allegedly went to strip clubs, exotic cars, and landscaping

RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey
RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey

Procyon adds $415 million in assets under management in New Jersey while Savant picks up a $213 million Southern California planning firm

Beyond sell or inherit: A third exit for appreciated property
Beyond sell or inherit: A third exit for appreciated property

With a growing number of real estate-rich Baby Boomers aging into retirement, some advisors may be failing to consider all the options available for those clients' assets.

AI marketing adoption gap costs financial firms revenue
AI marketing adoption gap costs financial firms revenue

Cornerstone Advisors study reveals compliance bottlenecks stall campaigns weeks after customer opportunities close.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains