Aidikoff, Uhl & Bakhtiari represents registered representatives and registered investment advisors in employment related disputes with broker dealers and other financial institutions.
The firm has represented employees who have been wrongfully or unfairly terminated; are involved in compensation disputes over salary, incentive compensation or other benefits; or have been the subject or unlawful discrimination or harassment as well as constructive termination based on hostile work environment.
Securities industry professionals most often receive their income in the form of annual bonuses or incentive compensation. When an employee leaves the firm or is terminated prior to receiving their year-end bonus this can often lead to a dispute over what compensation if any is due.
Registered Representatives with substantial books of business are often recruited and paid up-front loans in the form of promissory notes to induce them to join a new firm. These notes are typically forgiven by the brokerage firm over a period of years. If a broker leaves or is terminated by the firm a dispute may arise over what portion of the broker’s promissory note is forgivable.
Were you induced to leave your old firm with promises that were never kept? Contrary to what the firms will tell you, false promises to induce you to quit one position for another may be actionable. Damages may include the value of your commissions and other benefits you gave up which can be projected for a number of years as well as the direct expenses resulting from your change in position.
These promises are often accompanied by a loan that is forgivable over time. If you leave before the balance has been paid, you can expect the firm to file an arbitration against you. You will then be transformed from prosecuting your claim as a victim, to defending a claim accusing you of wrongdoing. You must act promptly to protect yourself and your book of business.
Employees of broker dealers cannot be terminated for reasons prohibited by employment agreements, statutes or public policy. Even “at will” employees may have rights if they are members of a protected class, retaliated against, harassed or if their employer violates public policy or statutes designed to protect employees.
Most employment disputes in the securities industry are arbitrated before the Financial Industry Regulatory Authority. Aidikoff, Uhl & Bakhtiari has extensive experience resolving disputes in this forum around the country.