An ex-JP Morgan broker who claimed his former firm misrepresented the opportunities to grow his book of business found no sympathy when he aired his grievances before a panel of FINRA arbitrators.
Joseph Ellison was ordered to pay back all the money he owed on a $750,000 upfront loan that he received from JP Morgan when he joined the firm in 2009 from Morgan Stanley, according to an award posted on FINRAs arbitration database this month. Ellison was held liable for almost $590,000, plus interest in the amount of $42.37 per day, until the loan is paid in full. In addition, he was slammed with JP Morgans legal fees totaling $200,000 and bore the brunt of the FINRAs arbitration fees, paying $19,650 of the total $24,450.
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