In one of the largest FINRA arbitration awards ever, Citigroup was ordered to pay two financial advisers and their assistant $24 million in unpaid commissions.\u00a0 In 2002, brothers James Bryan Minchello and Robert Vincent Minchello were hired by Citigroup Smith Barney.\u00a0 The brothers had previously worked for Bank of America and brought a large book of business, including several venture capital firms and a large communications company to Citigroup.\u00a0 Pursuant to an employment agreement with Citigroup, the brothers were to receive certain commissions based on revenue generated.\u00a0 The FINRA arbitration panel ruled for the brothers and their assistant, awarding $15.8 million in compensatory damages, 6% interest for over 7 years and $1 million in sanctions.\u00a0 This case illustrates that financial advisers should be very diligent in obtaining a written employment agreement and keeping track of their hours worked and commissions earned and paid.<\/p>\n","protected":false},"excerpt":{"rendered":"
In one of the largest FINRA arbitration awards ever, Citigroup was ordered to pay two financial advisers and their assistant $24 million in unpaid commissions.\u00a0 In 2002, brothers James Bryan Minchello and Robert Vincent Minchello were hired by Citigroup Smith Barney.\u00a0 The brothers had previously worked for Bank of America and brought a large book of business, including several venture capital firms and a large communications company to Citigroup.\u00a0 Pursuant to an employment agreement with Citigroup, the brothers were to …<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-260","post","type-post","status-publish","format-standard","hentry","category-employment-law"],"yoast_head":"\n