A FINRA securities industry arbitration panel ordered a former Morgan Stanley Smith Barney broker to pay the firm nearly $1 million for breaching the terms of a promissory note, Reuters reports.
Morgan Stanley last October had accused former broker Jamie Dick of failing to pay $938,884 owed on a promissory note, which had been executed in December 2007, that became due upon his termination in February.
Arbitrators on Friday also ordered Dick to pay Morgan Stanley $53,203 in prejudgment interest, $1,300 in attorneys' fees and $1,250 to reimburse Morgan Stanley for its initial filing fee. The broker will accumulate a penalty of $109.32 a day from June 5 until he completely repays the award, according to the ruling posted on FINRA's website….
http://www.reuters.com/article/2011/07/06/us-morganstanleysmithbarney-idUSTRE76552920110706?feedType=RSS&feedName=PersonalFinance&rpc=43
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