Results:
The panel found that Mr. Roche owed $112,933 on the note, plus interest, but it awarded him $262,500 and a net award of $126,888.50, plus net attorneys’ fees of almost $32,000 and interest.
Court:
FINRA
Client:
Francis X. Roche
Summary
FINRA Case No. 17-03404. In December 2017 Oppenheimer & Co., Inc. filed a FINRA action against its former broker and manager Fran Roche for money it claimed was due on a forgivable promissory note the balance of which Oppenheimer claimed became due when Mr. Roche resigned.
In March 2018 Mr. Roche answered and counter-claimed, acknowledging the note but alleging that he had been constructively terminated from his employment and that Oppenheimer owed him unpaid compensation, unpaid bonus and unused vacation days. In early 2019 the panel found that Mr. Roche owed $112,933 on the note, plus interest, but it awarded him $262,500 and a net award of $126,888.50, plus net attorneys’ fees of almost $32,000 and interest.