Finra arbitrators awarded a former registered representative at Morgan Stanley $900,000 for alleged wrongful termination.
Morgan Stanley fired Joseph C. DeNicola in April 2019 based on concerns about an email DeNicola sent to his colleagues, according to his BrokerCheck report.
The next month, the Massachusetts Securities Division sanctioned DeNicola, placing him under heightened supervision for three years. In the broker comment section of the BrokerCheck disclosure, DeNicola noted that the incident was “not investment related.”
DeNicola filed an arbitration claim against Morgan Stanley on Feb. 21, 2020. The causes of action he asserted included wrongful termination, defamation, and unpaid compensation and benefits, including deferred compensation.
In a decision Tuesday, three Financial Industry Regulatory Authority Inc. arbitrators awarded DeNicola $900,000 in compensatory damages. DeNicola had asked for $2.5 million in damages. As is typical in Finra arbitration, the arbitrators didn't explain why they found in favor of DeNicola, who now works for Moors & Cabot Inc. in Boston, according to BrokerCheck.
The two public and one industry arbitrator denied DeNicola’s request that the termination information be expunged from his record.
DeNicola didn't respond to an interview request. His lawyer, Steven N. Fuller, couldn't be reached for comment.
The award document indicates that Morgan Stanley denied DeNicola’s allegations. A Morgan Stanley spokesperson declined to comment.
In August, Morgan Stanley had filed a motion for a Zoom hearing. DeNicola opposed a Zoom hearing, and the arbitrators denied Morgan Stanley’s motion.
RIAs need to find universities that offer financial planning programs and sponsor or host events, advisor suggests.
The leading wealth tech provider is helping more advisors access active ETF models through its exclusive partnership.
Case of once-wealthy family highlights risks, raises questions on firms' duties to sophisticated investors suffering cognitive decline.
“The evidence in this case was overwhelming,” says an attorney.
The move marks the culmination of a decade-long journey for the new leader at the Ohio-based RIA and Natixis affiliate firm.
Uncover the key initiatives behind Destiny Wealth Partners’ success and how it became one of the fastest growing fee-only RIAs.
Key insights from Gabriel Garcia on adapting to demographic shifts and enhancing client experience in a changing market
