A Crack in Wall Street’s DefensesQuicklink submitted by Joan Brunwasser Permalink
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|TWO individual investors just scored a remarkable win against Citigroup.The pair was awarded a total of $54 million in a securities arbitration case against the Smith Barney unit of the company — the largest amount ever awarded to individuals in such a case,according to the Financial Industry Regulatory Authority.The arbitrators in Mr. Hosier’s case seemed keen to hold Wall St accountable.And his win against Citigroup does not appear to be an anomaly.Since April 2010,his lawyer has argued 16 other arbitrations involving the same type of investment.Mr. Aidikoff and the lawyers who assist him have won every one.In an interview,Mr. Hosier said the experience had opened his eyes to the disturbing ways of Wall Street.“Instead of the financial world being the lubricant for business,they are manufacturing products with no utility except generating fees.Wall St is destroying the country."|
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