Philadelphia Father-Son Advisory Team Awarded Half-Million Dollars in Defamation Case at FINRA
From the Desk of Jim Eccleston at Eccleston Law
A Philadelphia-based father-son advisory team has won a significant victory in a FINRA arbitration case against their former firm, Woodbury Financial Services.
According to FinancialAdvisor, the arbitration panel found that Woodbury had defamed the advisors by falsely accusing them of violating firm policy on their Form U-5 employment termination filings. Woodbury had alleged that the advisors submitted unauthorized applications to Allianz for fixed-index annuities. The panel credited the advisors' testimony, stating that all clients had authorized the account openings for an Allianz annuity opportunity.
While a note about a policy violation remains on the advisors’ records, the panel modified the U-5 termination language to clarify the nature of the violation. Woodbury also was ordered to pay $468,270 in compensatory damages and $31,000 for legal and expert witness fees.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
Tags: Eccleston, Eccleston Law