Broker Who Fired Financial Advisor Ordered to Pay $4 Million

Broker fired financial advisor to keep him from moving to another firm with his huge book of business. My friends who are financial advisors, it could happen to you.

Recently, one of these disputes — which are required to be resolved in Finra arbitration — resulted in a rare win for the financial advisor. A Finra arbitration panel awarded $4 million to a former Citi financial advisor who claimed the firm terminated him so that his managers could steal his customers.

The advisor claimed that when the firm feared he might be lured away by rivals, it fired him. It appears the Finra arbitration panel agreed. Finra arbitrators awarded the financial advisor $4 million.

Will this deter brokerage firms like Citi from doing this in the future? Not likely. So, my Financial Advisor friends, get legal advice when the storm clouds are gathering — not after the flood!

Lisa Bragança represents financial advisors and others in government investigations and disputes with brokers, protects whistleblowers, and recovers losses for investors all over the country, Lisa served as a Branch Chief with the SEC Division of Enforcement Chicago office where she  investigated a wide range of investment fraud and Wall Street misconduct.

You can reach Lisa at (847) 906-3460 or You can follow Lisa on Twitter @LisaBraganca.

Disclaimer: This information is for general purposes only and should not be interpreted to indicate a certain result will occur in your specific legal situation. The information on this website is not legal advice and does not create an attorney-client relationship.