The allegations read: Client claimed he never knew i was a registered representative, even though that is how he first hired me to work with him. He claimed i received a "secret" commission even though it was disclosed verbally & in writing. Originally sued my previous b/d fsc securities for approx $500,000. At that time we were still managing approx $1.5 million for him and his corporation and he was happy with our work. After losing that action he fired me as a registered representative and registered investment advisor and sued me for approx $700,000. My attorney informed me it was a frivolous lawsuit. However the arbitration panel gave him $35,000 plus court costs. He continued to sue in district court, appeals court, and even appealed to the state supreme court. The lower courts all turned him down and the supreme court refused to hear the case. My attorney described the situation as a wealthy client who was mad because he lost money and looked for someone to pay. Neither the courts or arbitration panel ever said i did anything wrong.
