FINRA Awards Top Financial Advisors $1.2 Million and Expungement of U-5's in Defamation Suit Against Banc of America Investment Services, Inc.
(PRWEB) August 12, 2008 -- Financial advisors Rock Mirich and Brent Cowin, represented by Marie Mirch of Mirch Law Offices (www.mirchlaw.com) in San Diego, CA, were vindicated with a $1.2 million dollar award of damages and expungement of false information (FINRA 07-00446) that Banc of America Financial Services, Inc. (BAIS) had placed on their U-5's. The Mirch Law Firm also succeeded in obtaining monetary claims against the claimants' former supervisors at BAIS, Lisa Dry, Matt Howard, and David Winchell.
Mirich, BAIS's top producer in Nevada and consistently top ten nationwide, was inexplicitly terminated by BAIS in September 2004 after building his book of business to over $300 million. His assistant Brent Cowin, also a stellar BAIS employee, was also shown the door for no cause.
A three-member FINRA arbitration Panel determined BAIS placed false and defamatory information on the businessmen's Uniform Termination Notice for Security Industries Registration, (Form U-5 (www.mirchlaw.com)), and ordered BAIS and others to pay the monetary damages to Messrs. Cowin and Mirich. Once BAIS placed the false information on the U-5's, its contents could not be altered or expunged except through an action such as an arbitration proceeding, which is the course the Mirches chose for their clients.
Senior partner Kevin Mirch commented on the award with pride in his wife's success. "A man's reputation is everything. It is time for the big corporations to be held accountable for maligning top employees and publishing false information throughout the industry. It is important that the financial advisor seek redress through FINRA arbitration. We are committed to working through FINRA to protect the individuals as well as the corporate members."
The full text of the arbitration award can be viewed at www.mirchlaw.com.
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