Facts

Claimant Roger Richman made claims against respondents Citigroup Global Markets Inc. and Joseph J. Schirripa. The claims included breach of fiduciary duty, common law fraud, negligent misrepresentation, violation of federal and state anti-fraud statutes and breach of contract. The securities involved were Mindspring, Emulex, Cisco, Sun Microsystems, Dell, Converse Tech, Orbotech, Veritas, Microsoft, Yahoo and Apple.

Respondents denied the claims and offered various affirmative defenses.

Damages

Claimant requested $13,480,785 in compensatory damages, $50 million in punitive damages, costs and attorneys fees.

Result

The arbitration panel denied claimant's claims in their entirety, finding the allegations were clearly erroneous. The panel recommended the expungement of all reference to this arbitration from respondent Schirripa's registration records maintained by the CRD (NASD Central Registration Depository), with the understanding that pursuant to NASD Notice to Members 99-09, Schirripa must obtain confirmation from a court of competent jurisdiction before the CRD will execute the expungement directive. The parties shall bear their respective costs including attorneys fees.