Missouri Broker Need Not Repay Note

Posted on December 26th, 2013 at 10:00 AM

 From the Desk of Jim Eccleston at Eccleston Law Offices:

Finra arbitrators have denied U.S. Bancorp Investment (USBI)’s claims against Matthew Hanley Kallman, a Missouri broker formerly with USBI.  

Between April 2010 to July 2011, Kallman was promised a $50,000 signing bonus and the assignment of approximately $12 million in existing client assets as part of USBI’s employment offer. Kallman negotiated a better deal--a $65,000 bonus and $16 million in client assets.  However, after he joined, Kallman was afforded effective access to only $4.5 million in client assets. The breach of promises and resultant diminution in his actual and prospective income at USBI prompted his leaving the employ of USBI to find other employment. The arbitrators found this termination not to be “voluntary”. Further, the arbitrators determined that he owed no money on his note. Moreover, for USBI’s breach of its promise to assign him $16 million in clients assets, arbitrators ruled that Kallman is entitled to damages in the amount that he would have received in commissions had USBI fulfilled its promise. 

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

I want to thank you for your excellent professional representation. It was greatly appreciated.

Michael M.

LATEST NEWS AND ARTICLES

March 13, 2025
Congress Considers Expanding the Accredited Investor Definition

A recent congressional hearing examined potential reforms to the accredited investor definition, a critical threshold determining who can participate in private market investments.

March 12, 2025
GPB Capital Investors May Receive Some Compensation Under Proposed Distribution Plan

GPB Capital Holdings investors have not received returns on their investments since 2018. According to InvestmentNews, after years of litigation, a court-appointed receiver has submitted a plan to return funds to the 17,000 investors who purchased $1.8 billion in GPB limited partnerships.

March 11, 2025
Former CNBC Analyst Pleads Guilty to $2.7 Million Securities Fraud Scheme

James Arthur McDonald Jr., a former financial advisor and frequent CNBC guest analyst, has agreed to plead guilty to securities fraud, admitting to defrauding investors out of at least $2.7 million, as reported by ThinkAdvisor. The felony charge carries a maximum sentence of 20 years in federal prison.