A former advisor for Rockefeller Capital Management has been suspended over his alleged failure to comply with an arbitration order involving promissory notes, reports Financial Advisor.
The Financial Industry Regulatory Authority took the action against Samuel D. Frankfort, who left Rockefeller in February 2024 after three years with the firm and joined Corient.
Rockefeller accused Frankfort of failing to pay back about $1.9 million on two outstanding promissory notes he received as a sign-on bonus when he joined the firm in 2020. Rockefeller filed a complaint with FINRA asking that he repay the money. In April, a sole FINRA arbitrator ruled in favor of Rockefeller, ordering Frankfort to pay more than $1.9 million in compensatory damages, plus interest.
But Frankfort was suspended for not paying the money back even after the arbitration order. According to his BrokerCheck profile, “Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Frankfort is suspended on July 8, 2025 for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.” No length of time was given for the suspension.
Frankfort denied that he owed the money. He contended among other defenses that “his Rockefeller Class B Units, that had vested, should be appropriately valued and used as an offset to the amount due under the Promissory Notes.”
Financial Advisor reports that when asked if Frankfort intends to repay Rockefeller, his attorney, David E. Robbins of Kaufmann Gildin & Robbins LLP in New York, responded, “Of course.” But he did not give a timeline for the repayment because he said it is confidential information.
Frankfort also has a pending customer dispute on his record involving a $500,000 claim for “allege damages in connection with certain complex products.”
The attorneys at Hyman Cotter PC have handled thousands of promissory note matters for some of the largest financial services firms in the world, as well as on behalf of registered representatives. In this capacity, we have handled claims before FINRA, AAA and JAMS arbitration panels in contested and protracted hearings. If you need guidance on matters related to promissory or forgivable notes, contact us at 312-291-4600 or through our online contact form for a free consultation.
