Mon. Oct 2nd, 2023

August 9, 2021

(Updated to include further depth from Satterfield’s CRD submitting)

A 21-12 months marketplace veteran who left Morgan Stanley in January of very last 12 months has been purchased by a panel of Fiscal Market Regulatory Authority arbitrators to pay back back virtually $1.5 million in promissory notes, moreover interest and costs, according to a stipulated award finalized last 7 days.

Robert R. Satterfield, dependent in Washington, D.C., joined Morgan Stanley in 2014 from UBS Wealth Management United states of america, wherever he had managed $180 million in client assets and manufactured $1.6 million in earnings about the preceding 12 months, according to a Reuters short article at the time.

Morgan Stanley, which had alleged breach of promissory notes, sought around $1.3 million in addition fascination on the initial observe and nearly $184,000 additionally interest on a second note issued to Satterfield, according to the award letter posted on August 5.

Like quite a few main firms, Morgan Stanley pays major brokers signing gives structured as ‘forgivable’ loans that can get to a few-situations a brokers’ once-a-year profits, like again-stop deferred bonuses, but also require them to continue to be at the agency for upwards of a ten years in advance of the financial loans are fully forgiven.

Morgan Stanley experienced $3.24 billion in staff loans remarkable as of the stop of 2020, up 8.7% from $2.98 billion the 12 months prior to, in accordance to its 2021 annual report. The 12 months-above-12 months balance increase was a side influence of the wirehouse’s reviving its selecting attempts because stepping back again from the fray in 2017.

Satterfield had denied the firm’s allegations, countering that Morgan Stanley had wrongfully terminated him, further more accusing the wirehouse of illegal discrimination and retaliation in violation of statutory legislation. He experienced sought unspecified damages, reinstatement, back pay in addition interest, and charges and expenditures. Morgan Stanley denied people counterclaims.

Satterfield, who has not registered with a further Finra member business since his exit from Morgan Stanley, could not immediately be attained for comment on the subject.

The broker’s D.C.-dependent legal professional, Dave Scher at Hoyer Legislation Group, did not answer to a ask for for remark on the Finra outcome, Satterfield’s exit from Morgan Stanley, or if Satterfield programs to return to the brokerage field.

A Morgan Stanley spokeswoman declined to comment for this tale.

The three Finra panelists requested Satterfield to repay Morgan Stanley $1,498,523.45 in compensatory damages, $137,765.23 in submit-termination interest, and $259.59 curiosity per day from July 31, 2021 right until all sums due are fully paid out, in accordance to the award letter.

Satterfield, whose counterclaims have been all denied, is also on the hook for $182,643.11 in attorneys’ charges and expenditures pursuant to the phrases of the promissory notes.

The get-togethers on July 20 had arrived at a stipulation on the dispute, granted by the panelists on July 28, in accordance to the award letter, which also said Morgan Stanley is not permitted to request confirmation or even further enforcement of the stipulated award just before September 30 of this yr.

Satterfield began his brokerage job in 1996 with PaineWebber Inc., wherever he remained right until 1998, according to his BrokerCheck report. He following registered in 2000 with Merrill Lynch and in 2004 moved to UBS, in accordance to the databases. His Central Registration Depository (CRD) ‘Snapshot’ report, taken care of by point out securities regulators, indicated his exit from Morgan Stanley was voluntary.

Satterfield, a 1995 graduate of the College of Maryland School of Behavioral and Social Sciences, was recognized by the school in Oct 2016 for committing $1 million “in aid of a number of initiatives in BSOS and Athletics,” such as a $200,000 matching gift fund.

In other modern promissory observe conditions, a previous Morgan Stanley broker in Sarasota, Florida was ordered in June to spend back again nearly $600,000 in promissory notes adhering to his January 2021 termination, although yet another previous Morgan Stanley broker in Boca Raton was ordered in January to repay a $984,000 observe balance tied to his July 2020 resignation.

Rival wirehouse UBS Prosperity Management Usa in a court submitting past month reported it experienced put in around $60,000 in lawful service fees as component of a promissory observe dispute involving a broker who left the business 16 years in the past.

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