A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered a former SunTrust broker to repay the bulk of his $675,000 signing bonus. Nicholas MacNab claimed he suffered a psychological breakdown after he was ordered by BB&T Investments to stop soliciting former clients, three weeks after he joined SunTrust as a broker. He was registered with BB&T Investments before joining SunTrust. He was granted a 60-day unpaid leave of absence and then failed to return to work, so SunTrust demanded the $675,000 he was given. MacNab would not have had to return the bonus if he became disabled, which he was arguing he was. The FINRA panel did not agree. MacNab also alleged that SunTrust’s hiring manager, John Charles Cote, fraudulently induced him to accept the offer and that SunTrust didn’t support him as promised when he ran into issues with his former firm. The panel ordered MacNab to pay SunTrust $647,706 in compensatory damages, plus 7% interest annually on the amount from July 1, 2014 to April 19, 2017.
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