A registered premier banker in Chicago was accused of opening a business account for a long-term client without the client's written signature/permission. JP Morgan terminated her employment and filed a defamatory U-5 filed with FINRA accusing her of fraud and violating investment related regulations, rules and standards of conduct. After a three-day arbitration, the defamatory U-5 was ordered expunged from the CRD and she was reimbursed her fees and costs for the arbitration, including attorney's fees.
A Financial Advisor and a Financial Specialist were accused of redeeming a certificate of deposit and purchasing an annuity for a client - allegedly against a client's stated desire. They had both met with the client shortly before, but the branch manager recommended the specialist for termination, and the brokerage firm terminated the FA's employment. Two defamatory Form U-5's resulted. We settled the FA's case: his U-5 was ordered expunged, and WFA paid him nearly $100,000 in financial damages. We took the FS's case to arbitration and a FINRA panel awarded him $500,000 in lost comp, attorney's fees, and punitive damages.
A registered banking rep in L.A. was accused of "trading" auto loans with bankers at other institutions in exchange for mortgage leads. JP Morgan fired the rep and issued a defamatory Form U-5, accusing him of this behavior and alleging that he violated investment related regulations, rules and standards of conduct. We travelled out to L.A. to represent him in front of a three-person FINRA arbitration panel. The panel decided that the language in the Form U-5 termination DRP was inaccurate and ordered it changed to reflect a non-defamatory nature since we had shown that the rep did not engage in the alleged conduct.