Arbitration

Lawyers have filed FINRA arbitration claims alleging the bank deprived them of their bonuses.

"I lose years of my life. They can settle, write a check and move on," says an adviser whose book of business dropped by $40 million after he alleges he was wrongfully terminated.

The team accused the firm of preventing them from properly conducting business with their clients, a charge that a FINRA arbitration panel rejected.

Arbitrators also rejected the former adviser's counterclaims for $51 million in damages.

The firm also asked for the suits filed in federal court to be thrown out.

The former broker is accused of making false claims about his client list at Stifel to earn a compensation advance from another firm.

FINRA plans to add 1,000 new arbitrators this year to improve its troubled dispute resolution process, but offers few new details on some of its largest challenges.

The adviser contended that not a single one of her clients from Schwab transferred their accounts over to J.P. Morgan.

The adviser claimed PNC falsely accused him of not having met with two clients for their annual review and challenged the firm for writing him up for falsifying documents.

The firm failed to promptly liquidate his $3 million brokerage account, the client's lawyer argued during the hearing.

The Swiss firm alerted brokers that they may take their disputes to FINRA instead of resolving them in a private forum set up by the company.

The case is the latest related to alleged misconduct by a barred wirehouse broker who was also a nightclub owner.

The adviser was also ordered to pay $300,000 to cover Wells Fargo's legal fees.

Client claimed that adviser's recommended strategy earned fees and commissions for the bank but wrecked his inheritance from his great grandfather.

George Merhoff poured his clients' portfolios into a handful of energy stocks that plummeted in value, ex-clients allege in arbitration cases.

The adviser allegedly placed more than 700 trades over three years, giving the client "little to no possibility" for a profit, the regulator says.

Luis Aguilar also weighs in on arbitration and SEC oversight of FINRA.

FINRA arbitrators hit the brokerage giants with the penalty for failing to catch a husband moving funds from his spouse's account.

The 81-year-old widower also won an additional $12,000 for his elderly friend in a FINRA arbitration proceeding.

The adviser claimed she was unjustly fired from First Citizens Bank for allegedly making unauthorized bonus payments to her two sales assistants totaling $9,000.