An arbitration panel has sided with a former advisor for J.P. Morgan Securities over his wrongful termination and defamation claims, according to Financial Advisor.
The Financial Industry Regulatory Authority arbitrators ordered J.P. Morgan to pay $4.25 million as well as interest and a filing fee to Brent Ryan Bodner, whose employment with the firm was terminated in July 2024.
Bodner said he was wrongfully terminated, and claimed that the original reason stated in the U5 termination form was defamatory and misleading. He alleged that it caused him to lose business and relationships and suffer reputational injury. That reason has now been stricken from FINRA’s BrokerCheck report. Bodner’s termination record has been cleared and his departure changed to “voluntary”.
Bodner originally asked for an award of $30 million in combined compensatory and punitive damages, saying the punitive damages would “punish [the bank] for its deliberately damaging actions and claims and to deter it and others from repeating this form of behavior in the future.”
Following his departure from J.P. Morgan, Bodner has since joined Wells Fargo Advisors, where he is listed as a managing director of investments and a senior financial advisor.
“We vehemently disagree with Finra’s decision and are disappointed by this outcome,” a J.P. Morgan Wealth Management spokesperson said regarding the arbitration ruling. Bodner and his attorney had not returned requests for comment as of press time, Financial Advisor reported.
It was also reported that Bodner has some small client disputes remaining on his BrokerCheck record going back to 2013. All three involve an allegation of a poor investment recommendation but FINRA dismissed two of the complaints.
An inaccurate Form U5 filing threatens your career in the financial services industry and may permanently put you at a disadvantage when seeking future opportunities. If you are concerned that you may be, or if you already have been, terminated from your firm, or if you believe you have inaccurate information on your Form U5, we invite you to contact Hyman Cotter PC at 833-665-0784 or through our online contact form to schedule a free consultation.
