Honor impugned, advisor strikes back

Singer reports on the the recent Financial Industry Regulatory Authority (FINRA) arbitration by member firm Jesup & Lamont (J&L) against its former employee, Aaron Foley. J&L sought $35,000 in compensatory damages and $10,500 in various fees from Foley as a result of his alleged non-payment of a balance on an outstanding promissory note. The FINRA arbitration panel denied J&L's claims in their entirety. The panel determined that client Jane Fisher had never expressed any concern or dissatisfaction with the actions of Foley and that her letter was not a "customer complaint" but just a request for information. The panel recommended full expungement of Foley's U4 and his Central Registration Depository records of all references to the alleged Fisher complaint.