Facts

Thomas Murphy filed a claim against Wedbush Securities Inc. in connection with his current employment at the company.

CLAIMANT'S CONTENTIONS:
Claimant asserted causes of action for violation of the California Labor Code Sections 201, 510, and 1194; breach of contract, and conversion.

RESPONDENT'S CONTENTIONS:
Respondent denied the allegations and asserted various affirmative defenses.

Damages

According to defense, plaintiff sought compensatory damages of $1,886,239, punitive damages of $616,000, costs of $800, and attorney fees of $82,500.

Result

The FINRA Panel found Wedbush liable to Murphy in the amount of $145,833 plus interest for the nonpayment of wages, $221,060 in unpaid trading incentive for the fiscal year (FY) 2013, $208,000 in unpaid trading incentive for FY 2015, $6,640 for unpaid over ride for FY 2013, $160,465 for unpaid override for FY 2015, $300,000 in punitive damages, $82,500 in attorney fees, and $800 in costs.

Other Information

ARBITRATORS: Constance E. Boukidis, Eric Gad Forster, Edward Banian.