Ex-PNC Broker Wins Big From Wrongful Firing
A Finra arbitration panel has ordered PNC Investments to pay one of its former brokers $1.8 million for alleged wrongful termination and defamation, according to Finra’s award document.
The arbitration panel ordered PNC to pay Adrienne Mennemeyer $300,000 in compensatory damages and $1.5 million in punitive damages. The panel also recommends expunging information from Mennemeyer’s Form U5 filed by PNC, replacing it with a statement that her termination was “pre-textual, arbitrary, and unreasonable” and that PNC failed to come up with any evidence of Mennemeyer violating the firm’s policy.
Mennemeyer alleged PNC improperly fired her in 2013 and then reported false information on Form U5, according to the award. The firm alleged she was “terminated for dishonesty” and violating company policy by closing a pending checking account application for a customer and then resubmitting it to avoid an internal review, according to Mennemeyer’s BrokerCheck profile. PNC added that the matter didn’t involve any securities or securities customers.
In response, Mennemeyer denied the allegations that she had acted dishonestly or against PNC policy, and said she had resubmitted the application because she had been “under the belief” that she was authorized to do so. She has no other disclosure records on her BrokerCheck profile but wasn’t registered with any other firm following her dismissal from PNC until October 2015, when she joined Sagepoint Financial.
That registration only lasted eight days, however, according to BrokerCheck.