Missouri Broker Need Not Repay Note
Finra arbitrators have denied U.S. Bancorp Investment (USBI)’s claims against Matthew Hanley Kallman, a Missouri broker formerly with USBI.
Between April 2010 to July 2011, Kallman was promised a $50,000 signing bonus and the assignment of approximately $12 million in existing client assets as part of USBI’s employment offer. Kallman negotiated a better deal--a $65,000 bonus and $16 million in client assets. However, after he joined, Kallman was afforded effective access to only $4.5 million in client assets. The breach of promises and resultant diminution in his actual and prospective income at USBI prompted his leaving the employ of USBI to find other employment. The arbitrators found this termination not to be “voluntary”. Further, the arbitrators determined that he owed no money on his note. Moreover, for USBI’s breach of its promise to assign him $16 million in clients assets, arbitrators ruled that Kallman is entitled to damages in the amount that he would have received in commissions had USBI fulfilled its promise.
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