A former Morgan Stanley broker has been ordered to repay the firm more than $2 million of his recruiting bonus after the firm said he left before his contract expired.
Advisor Wilhelm Nash, who left Morgan Stanley in 2010 after two years at the firm, departed to Credit Suisse before his upfront loans had fully vested, the firm said in a complaint filed with FINRA. To incentivize an advisor to move, many firms offer top advisors large recruiting packages with a sizeable upfront loan that is considered paid off if an advisor remains with the firm for a certain amount of years or meets certain growth targets.
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