Attorneys obtained a FINRA arbitration award in favor of our client, a broker-dealer

Attorneys obtained a FINRA arbitration award in favor of our client, a broker-dealer.  Our client sought to enforce the terms of a Promissory Note and Loan Agreement with a former affiliate.  The funds were lent to the affiliate by the broker-dealer to allow the affiliate to satisfy a disgorgement order issued by the Securities and Exchange Commission.  The affiliate maintained that his decision to transfer his affiliation to another broker-dealer was not an event of default under the terms of the Loan Agreement, and he asked the arbitration panel to allow him to continue to make periodic payments on the Loan.  The affiliate also maintained that the signature appearing on the Promissory Note was a forgery.  A three member all-industry FINRA arbitration panel held that the Respondent was in default on the Agreement, and ordered that he pay the outstanding principal balance on the Loan within thirty (30) days.