Missouri Broker Need Not Repay Note

Posted on December 26th, 2013 at 10:00 AM

 From the Desk of Jim Eccleston at Eccleston Law Offices:

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. 

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

I cannot thank you enough for your efforts. You have proven to be a valuable resource

Jim T.

LATEST NEWS AND ARTICLES

October 2, 2024
SEC Charges Two South Florida Men for Defrauding Venezuelan-American Investors in $5 Million Scheme

The Securities and Exchange Commission (SEC) has filed a complaint against two South Florida men, Francisco Javier Malave Hernandez and Ricardo Javier Guerra Farias, for orchestrating a multi-million dollar investment fraud that targeted members of the Venezuelan-American community.

October 1, 2024
California Advisor Suspended and Fined for Churning Client Accounts

A veteran advisor in Santa Maria, California, Stewart "Paxton" Ginn, has been suspended for 18 months and fined $50,000 by FINRA, according to AdvisorHub

September 30, 2024
Bank of America and Merrill Lynch Settle with FINRA for Supervisory Failures

Bank of America and its subsidiary, Merrill Lynch, have agreed to a $3 million fine and censure as part of a settlement with FINRA over long-term supervisory failures.