THOMAS P TIBALDI & CITIGROUP Lawsuit

Soreide Law Group has filed a FINRA arbitration on behalf of their client (Claimant) against:

CITIGROUP GLOBAL MARKETS INC., and their registered representative THOMAS PAUL TIBALDI (THOMAS P TIBALDI) (Respondents).

The Claimant lives in New York and has been a client of CITIGROUP broker, THOMAS P TIBALDI for several years.  The Claimant is nearing retirement and is a conservative investor who is looking for conservative tax-free income generation only. The lawsuit states that the Claimant’s investing goal was to preserve his retirement funds in safe, conservative, tax-free municipal bonds that could generate a stable income for him and his wife through retirement.

According to the lawsuit, THOMAS P TIBALDI, allegedly without adequate disclosure to the Claimant concerning the risks of the products, purchased two structured market linked notes that were allegedly presented to the Claimant as bonds that always pay the full principal at maturity.

The lawsuit states that THOMAS P TIBALDI bought two structured notes on or about December of 2021, one linked to Amazon for $55k and one linked to Target for $57k. Neither of these products offered tax-free income and when the stock prices fell for both of the notes they converted to common stock, which the Claimant promptly had sold for a total loss of $55,213. 

According to the investment goals of the Claimant, both of these structured notes were allegedly unsuitable for the Claimant. The lawsuit states that the Claimant allegedly did not realize the linked notes could convert to stock until he saw the common stock of Amazon and Target in his account.

According to the lawsuit, CITIGROUP GLOBAL MARKETS INC., and THOMAS P TIBALDI actions have allegedly caused Claimants out of pocket damages of approximately $55,000.00. The lawsuit alleges, negligence, breach of fiduciary duty and negligent supervision.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, THOMAS P TIBALDI, has been in the securities industry for 27 years and has been listed with 4 firms.  He is currently listed both as a broker and an investment advisor since 2007 with:

CITIGROUP GLOBAL MARKETS INC. of EAST MEADOW, NY

THOMAS P TIBALDI has 5 Disclosures on his FINRA CRD report, and all five are “Customer Disputes.”

One of the disputes that settled, in May of 2022, alleged, “Claimant alleges breaches of fiduciary duties related to recommendations regarding bond mutual funds, failure to provide suitable recommendations, failure to execute an order for sale, misrepresenting/omitting material information in connection with the account and failure to supervise an employee (February 2022-April 2022).” The settlement amount was $22,500.00.

Another dispute settled in 2002 for $105,000.00 following the allegations of, “Claimant alleges unsuitable transactions in his accounts. Claimant also alleges misrepresentations with respect to research recommendations.” Tibaldi denies the allegations.

If you’ve experienced financial losses due to the actions or recommendations of the broker/investment advisor, THOMAS P TIBALDI of CITIGROUP GLOBAL MARKETS INC. of EAST MEADOW, NY, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.