FINRA Panel orders JP Morgan to pay Advisor $1.4 Million for Damages

According to a FINRA award posted on February 4, 2022, a FINRA arbitration panel has ordered JP Morgan Securities to pay $1.4 Million in damages to a former financial advisor who alleged the firm invaded his privacy and interfered with “prospective business expectancies,” among others.  

The advisor, Dustin B. Luckett, reportedly filed the arbitration claim alleging that the Form U5, that J.P. Morgan filed was defamatory after he stopped working at J.P. Morgan Securities in June 2017. The claim, which was seeking damages in excess of $5 Million, alleged invasion of privacy: false light, tortious interference with prospective business expectancies, and breach of implied covenant of good faith and fair dealing. 

Form U5 is the Uniform Termination Notice for Securities Industry Registration which is submitted by broker-dealers to report information about registered representatives. It is possible that firms can take advantage of the U5 system to harm advisors’ reputations. 

According to an article in Investment News, Luckett’s FINRA BrokerCheck report indicated that he was fired after asking a co-worker to notarize a document a client had signed without the client being present. J.P. Morgan Securities also claimed Luckett “engaged in conduct it deemed inconsistent with its anti-retaliation policies.” The disclosure event was apparently removed after the panel recommended that the company expunge or change the language on his employment history.  

Luckett was reportedly registered with J.P. Morgan Securities from 2012 to 2017. He is not currently registered with a brokerage firm, according to his broker profile.  

To learn more, please see: FINRA Expungement Attorney, U4, U5, U6 Expungement 

Free Consultation with a National Securities Attorney   

If you are a registered representative with an unfair blemish on your employment record and would like to discuss your expungement options, please call the securities attorneys of The White Law Group at (888) 637-5510 for a free consultation. 

 The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington.   

For more information on The White Law Group please visit http://whitesecuritieslaw.com.