Post by Logan on Jun 2, 2016 17:08:20 GMT -6
A former senior financial adviser at First Citizens Bank who contended that she was unjustly fired on a “trumped-up, fraudulent and fabricated charge” has been awarded nearly $1 million in damages by a panel of arbitrators.
Elizabeth Stancil, a Clayton resident, was awarded $985,000 in compensatory damages in a unanimous May 20 ruling by a three-person panel of arbitrators for the Financial Industry Regulatory Authority, or FINRA, which regulates brokerage firms. Stancil worked in Smithfield for First Citizens Investor Services, a subsidiary of Raleigh-based First Citizens Bank.
Stancil’s attorney, Andrew Whiteman of Raleigh, said his client felt vindicated by the victory after First Citizens fought “tooth and nail” against her.
That vindication “was almost more important than the money, in my opinion, but the money is nice,” he said.
Read more here: www.newsobserver.com/news/business/article81393922.html
The award appears to be small compared to loss of income that Ms. Stancil will face. Her commissions at her new job are about a quarter million per year less at her new job compared to her previous job. She is only 39 years old so she might have another 25-30 years left in her career.
Elizabeth Stancil, a Clayton resident, was awarded $985,000 in compensatory damages in a unanimous May 20 ruling by a three-person panel of arbitrators for the Financial Industry Regulatory Authority, or FINRA, which regulates brokerage firms. Stancil worked in Smithfield for First Citizens Investor Services, a subsidiary of Raleigh-based First Citizens Bank.
Stancil’s attorney, Andrew Whiteman of Raleigh, said his client felt vindicated by the victory after First Citizens fought “tooth and nail” against her.
That vindication “was almost more important than the money, in my opinion, but the money is nice,” he said.
Read more here: www.newsobserver.com/news/business/article81393922.html
The award appears to be small compared to loss of income that Ms. Stancil will face. Her commissions at her new job are about a quarter million per year less at her new job compared to her previous job. She is only 39 years old so she might have another 25-30 years left in her career.