Frederick O'Meally, a former senior vice president and top-producing broker with Prudential Securities and then Wachovia Securities after the firms merged their retail brokerage divisions in 2003, has won a $3.8 million NASD arbitration award for having been fired for allowing market timing. The amount is based on a deferred compensation plan and a $1.3 million bonus.

According to O'Meally's formal NASD complaint filed on April 11, 2005, O'Meally was one of two top producers, earning roughly $5 million a year in commissions and fees for the firm, 45% of which he personally received as compensation.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.