Lack of Diversification in Client's Account Leads to $150K in Losses

The Green Firm recently filed a Statement of Claim through FINRA's arbitration process to recover losses in excess of $175,000 incurred as a result of the alleged mismanagement of our client's investment account by Citigroup Global Markets, Inc. According to our claim, Citigroup and its broker allegedly used their discretion over our client's account to purchase around $50,000 worth of preferred stock in three companies, Fifth Third, a mortgage company; Citigroup, a financial services company; and AIG, a financial services company. In addition, a substantial portion of our client's portfolio represented financial services companies.  Taken together, these assets constituted around 60% of her total investment account; the remaining 40% is composed of stock in various companies.