November 8, 2018 Comments (0) Blog

FINRA Awards former Credit Suisse Broker $975,530

Credit Suisse Securities
(Last Updated On: November 8, 2018)

Credit Suisse Securities – New York City, NY

According to reports yesterday, a FINRA arbitration panel has awarded $975,530 to Nicholas B. Finn, a former Credit Suisse Securities broker. Finn was seeking deferred compensation that he claimed was withheld when the firm closed its doors in 2015.

Finn, who was a registered representative with Credit Suisse from September 2008 until December 2015, is now working for UBS Financial Services.

In 2015, Credit Suisse closed its brokerage business, offering Wells Fargo & Co. exclusive rights to recruit its brokers.

According to Investment News, approximately 100 of those brokers went to work for Wells Fargo. Some of the remaining 215 brokers reached settlement agreements with Credit Suisse.

Several former Credit Suisse brokers have reportedly filed arbitration claims against the firm for allegedly withholding money it owed them.

Some brokers that went to Wells Fargo reportedly received their deferred compensation from Credit Suisse, but for others, the firm has reportedly taken the position that they left voluntarily even though it was closing the brokerage business.

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