Bankruptcy

Discharged

My former employer brought an arbitration action against me for a bonus paid while employed with them. In order to maintain my registration through FINRA, I had to declare Chapter 13 bankruptcy to avoid suspension. The former employer will be fully paid within the plan.

FINRA Office of Dispute Resolution

In the Statement of Claim, Claimant asserted a cause of action for breach of promissory note. Claimant alleged that it loaned funds to Respondent as evidenced by a promissory note dated 06/30/2016. Claimant further alleges that, on or about August 21, 2019, when respondent's employment with Claimant ended, the Note immediately became due and owing, but Respondent failed to repay Claimant, despite multiple written demands.

Monetary payment to be paid to Respondent by Claimant.

Monetary Penalty other than Fines

$50,000.00

1. Respondent is liable for and shall pay to Claimant the sum of $50,000 in compensatory damages. 2. Respondent is liable for and shall pay to Claimant interest on the above-stated sum at a rate of 4.41% per annum from April 24, 2020 through and including the date the award is paid in full. 3. Respondent is liable for and shall pay to Claimant the sum of $1,000 in attorneys' fees pursuant to Texas Civil Practice and Remedies Code 38.001(8). 4. Respondent is liable for and shall pay to Claimant the sum of $300 to reimburse Claimant for the paper decision fee previously paid to FINRA Office of Dispute Resolution.