As reported by ThinkAdvisor and FA Mag:
A Finra arbitration panel has ordered Fidelity Brokerage Services to pay a former broker $500,000 for claims of wrongful termination and defamation.
The panel, consisting of two out of three members, awarded Ryan Sanghak Lee $499,999.99 in compensatory damages.
In Mr. Lee’s original claim filed in October 2019 and amended in September 2020, Lee, who worked at Fidelity’s Wayne, NJ office, sought more than $1 million in damages, including interest, costs, expenses, and punitive damages. He claimed wrongful termination, defamation, interference with prospective economic advantage, and spoliation/fraudulent concealment of evidence. Lee also sought to clear his record by asking the panel to remove the termination disclosures from the Form U5 and a client complaint.
The majority of the panel awarded Lee $500,000 in damages and ruled that all references to Lee’s termination from Fidelity be expunged. Lee’s attorney, Laurence Landsman called the outcome a “great vindication” for his client. Lee worked in the industry from 2000 and after being fired from Fidelity in 2018, he joined Santander Securities until 2021, and later founded Pegasus Strategic Consulting Group Inc. Investment Suitability and the role of a financial advisor
