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Arbitration Details

CITIGROUP GLOBAL MARKETS INC NFA ID: 0002026

An NFA Arbitration claim is a futures or forex related dispute involving a customer and an NFA Member (or employee) or Associate. It is not a regulatory action.
NFA only discloses information concerning arbitration cases that have been decided by an arbitration panel. NFA does not release the names of parties who have settled their parts in the cases. Furthermore, NFA does not report or release information on cases that closed before January 1, 1990, cases that are still pending, or cases that were settled, withdrawn or rejected. Therefore, the number of NFA Arbitration Decisions reflects the total number of claims filed in NFA Arbitration that were decided by an arbitration panel. These decisions may have been decided in favor of the Claimant or Respondent.
Effective January 1, 2000, NFA discloses the names of persons who represent parties in NFA customer arbitration proceedings if the matters were decided by an arbitration panel. As of the same date, customers may no longer ask NFA to keep their identities confidential.

Case Summary
 Case No.FiledDecision DateProduct
 96ARB0018410/08/199610/15/1998Futures (Domestic Exchange)
Options (Domestic Exchange)
Summary of Parties
 CustomersMembersRepresentatives
•  CITIGROUP GLOBAL MARKETS INC
• ROBERT M SHACK
• SIMON KOGAN
• VICTOR MACHCINSKI JR.
• LOUIS TAUBMAN
Proceeding Details
 Panel TypeNumber of ArbitratorsProceeding TypeLocation (City, State)
 NON-MEMBER3HEARINGNEW YORK, NY
Summary of Awards and Claims
 Type Claim Amount Counter Claim 3rd Party Claim Cross Claim
 
Compensatory
Punitive
Treble
Interest
Attorney Fees
Costs
 Claim Award
$272,000.00$42,125.00
$500,000.00$0.00
$0.00$0.00
NA$17,216.81
NA$0.00
NA$3,000.00
 Claim Award
$370,167.00$0.00
$0.00$0.00
$0.00$0.00
NA$0.00
NA$0.00
NA$0.00
 Claim Award
$0.00$0.00
$0.00$0.00
$0.00$0.00
NA$0.00
NA$0.00
NA$0.00
 Claim Award
$0.00$0.00
$0.00$0.00
$0.00$0.00
NA$0.00
NA$0.00
NA$0.00
Summary of Issues
VIOLATIONS OF THE COMMODITY EXCHANGE ACT; VIOLATIONS OF THE SECURITIES EXCHANGE ACT OF 1934; NEGLIGENCE; BREACH OF CONTRACT; BREACH OF FIDUCIARY DUTY; COMMON LAW FRAUD; INTENTIONAL INFLICTION OF EMOTIONAL DISTRESS; VIOLATIONS OF INDUSTRY AND EXCHANGE RULES AND REGULATIONS; FAILURE TO SUPERVISE; PUNITIVE DAMAGES; WAIVER; ESTOPPEL; RATIFICATION ASSUMPTION OF RISK; FAILURE TO MITIGATE; UNSECURED DEBIT BALANCE; AND ATTORNEYS' FEES.

SMITH BARNEY INC SHALL PAY TO CUSTOMER CLAIMANT $62,341.81. PRE- JUDGMENT INTEREST IS CALCULATED AT $42,125 USING AN INTEREST RATE OF NINE PERCENT PER ANNUM FROM OCTOBER 12, 1994 UNTIL OCTOBER 2, 1998. THE AWARD FOR COSTS REPRESENTS THE FILING AND HEARING FEES THAT THE CUSTOMER CLAIMANT PAID TO NFA. THE CLAIMS AGAINST ROBERT SHACK ARE DISMISSED WITH PREJUDICE.

COUNTERCLAIM DISMISSED. MEMBER COUNTER-CLAIMANT RECEIVED NOTHING.

EACH PARTY SHALL BEAR ITS OWN ATTORNEYS' FEES AND COSTS.

 
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