Arbitration

FINRA blocked the influential advisor and wealth management entrepreneur on one case, but an arbitrator backed him on another.

The arbitrators based their ruling “on the defamatory nature of the information.”

The advisor switched firms only to see his new employer close shop 18 months later.

“This didn’t seem like a very fair process,” says the ex-advisor, who was ordered to pay the firm $206,000 for breach of promissory note.

The advisors had won $1.6 million in back pay and fees in a case decided last month.

A former rep has drawn at least 30 claims after pleading guilty to fraud, while clients of another ex-LPL advisor are seeking damages five years after his initial arrest.

It’s the sixth time so far this year that former Credit Suisse advisors have won damages against the firm.

When an unusual recruiting deal between Credit Suisse and Wells Fargo went awry, years of broker frustration, severe attrition and litigation followed. Also at stake: Up to $245 million in back pay.

The dispute involves dueling claims of fiduciary responsibilities.

Christine Carona's former boss allegedly made derogatory comments about her personal life in front of UBS employees, according to the arbitration ruling.