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A Florida FINRA panel awarded $6.4 million to an investor in Citi’s MAT municipal bond arbitrage fund this week. It’s the largest award rendered against Citi related to its MAT and Falcon proprietary fund blow-ups. The case is Berghorse v. Smith Barney (FINRA 08-04466). Although damages claimed on the award were $12 million, sources say the net out of pocket losses were under $10 million, making the award amount over 64% of the losses. The 29 hearing sessions also make it the longest MAT arbitration to date. This substantial award follows a string of 100% NOP awards rendered against Smith Barney late last year. Below is an On Wall Street piece about the case.

FINRA: Citi To Pay Investors $6.4M By Lorie Konish February 9, 2011

A Financial Industry Regulatory Authority panel has ordered two parts of Citigroup Inc. to pay $6.4 million to make up for investment losses tied to a group of troubled municipal arbitrage trust funds.

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Rich & Intelisano recently won a FINRA arbitration award which included $100,000 in punitive damages. The case is Stora, et al. v. Strasbourger, Pearson et al. (FINRA 09-01769). We represented a group of investors who were defrauded by a broker dealer and its registered representatives. Matthew Woodruff of our office tried the matter which included five hearing sessions. The panel awarded the claimants $373,968 in compensatory damages, plus interest. The award is significant because pursuant to the Mastrobuono Supreme Court decision, the panel awarded claimants $100,000 in punitive damages, a rarity in securities arbitrations.

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Below is a CNBC guest blog by Ross Intelisano on the two year anniversary of Madoff’s arrest.

Madoff Two Years Later – It’ll Never Be the Same by Ross B. Intelisano – Rich & Intelisano, LLP

December 11, 2008 started like a typical year-end work day. Then the phone rang with a hysterical retired widow screaming and crying that she had just lost almost all of her money investing with Bernie Madoff. That might seem strange to many, but we receive calls like this all of the time. Our law firm represents investors who’ve been defrauded by Wall Street. But the phone kept ringing, all day, every day, from December through February. And the numbers were staggering; tens or even hundreds of millions of dollars lost. Generations of wealth were completely wiped out. We knew immediately. This was going to be the largest fraud ever, and by a long shot. And it was. $18 billion. Almost ten times larger than any other Ponzi scheme.

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Below is a New York Times piece about the Firm’s $20.6 million arbitration award against Goldman Sachs being upheld by Judge Rakoff in a sternly written opinion.

DealBook – A Financial News Service of The New York Times November 30, 2010, 6:16 pm Goldman’s $20 Million Consequence By SUSANNE CRAIG

Goldman Sachs made its bed. Now Judge Jed S. Rakoff says the Wall Street firm has got to lie in it.

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Below is an AP article regarding insider trading which quotes Ross Intelisano.

Probe leads investors to wonder: Is game rigged?

By RACHEL BECK, BERNARD CONDON and PALLAVI GOGOI, AP Business Writers Rachel Beck, Bernard Condon And Pallavi Gogoi, Ap Business Writers Wed Nov 24, 4:13 pm ET

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On Wednesday, November 10, 2010, Judge Lifland approved an order outlining the procedures for the soon to be filed Madoff clawback lawsuits.  Lax & Neville, LLP, along with other law firms, opposed the Trustee’s motion and asked the Court to stay all proceedings until the Second Circuit ruled on the Net Equity issue.  Judge Lifland denied the request. In anticipation of that result, Lax & Neville, LLP, again working with other firms, negotiated with Baker & Hostetler to modify the procedures proposed by the Trustee to better protect the rights of victims.  Those procedures were approved by Judge Lifland.

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Below is a piece from the NY Times’ DealBook about Judge Rakoff confirming the $20.6 million arbitration award against Goldman Sachs, the largest arbitration award ever rendered against the firm.

DealBook – A Financial News Service of The New York Times November 8, 2010, 11:29 am Judge Upholds Award Against Goldman

A federal judge has denied a request by Goldman Sachs to throw out a record arbitration award levied against the Wall Street firm earlier this year.

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Below is a piece from the front page of the October 23, 2010 business section of the New York Times regarding the firm’s $20.6 million arbitration award against Goldman Sachs, the largest customer arbitration ever rendered against Goldman.

DealBook – A Financial News Service of The New York Times October 21, 2010, 8:38 pm In Clearing Bayou, Quagmire for Goldman

By SUSANNE CRAIG

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