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Finra Panel Orders Net FA $267,225

May 23, 2018

A Finra arbitration panel has ordered both a financial advisor and the firm he exited to pay each other compensatory damages in the hundreds of thousands of dollars, ultimately netting the broker a little over $267,000, according to InvestmentNews.

Francis Mitchell filed a claim in 2015 against Coastal Equities, Inc. alleging breach of contract, breach of the implied covenant of good faith and fair dealing, and tortious interference with contract, according to the award document.

The claim had to do with the terms of Mitchell’s employment contract and the record of how his employment ended, InvestmentNews writes. Mitchell was with Coastal Equities from 2014 to 2015 and is currently affiliated with Loewen Ondaatje McCutcheon USA, according to the publication.

Mitchell requested compensatory damages of no less than $3.8 million, plus punitive damages and costs, according to the award. In its counterclaim, Coastal Equities claimed breach of contract and requested $725,387 in compensatory damages, Finra says.


But the Finra panel dismissed some of Mitchell’s claims, according to the award document, and awarded $784,800 to him and $517,575 to Coastal Equities, netting Mitchell $267,225, InvestmentNews writes.

By Alex Padalka
  • To read the InvestmentNews article cited in this story, click here.