An ex-Barclays PLC financial adviser has been ordered to repay his old firm more than $3.25 million in one of the largest promissory note cases in recent years.
A Finra arbitration panel ruled that former managing director Preston McSwain was still liable for much of the unvested portion of a large upfront recruiting bonus after he was fired in 2011, according to the award, which was finalized last month.
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The case stems from a recruiting deal that he signed in 2009. Firms such as Barclays, which has about 260 advisers focused on high-net-worth clients, often offer top producers substantial bonuses to move their books of business.
The bonus is usually structured as an upfront loan that is forgiven, provided that the adviser doesn't leave or get fired from the firm in a certain number of years.
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