A three-member Financial Industry Regulatory Authority arbitration panel ordered J.P. Morgan Securities to pay $4.25 million in compensatory damages to a broker who alleged that his termination from the firm was defamatory.
Brent Ryan Bodner had sought $15 million in compensatory damages, claiming that his termination would cost him client relationships now and in the future, for lost past and future business, and reputational injury, according to the award. He had also sought $15 million in punitive damages.
"We vehemently disagree with FINRA's decision and are disappointed by this outcome," a J.P. Morgan Wealth Management spokesperson said in a statement shared with ThinkAdvisor.
J.P. Morgan Securities, which terminated Bodner's registration in June 2024, requested that all of Bodner's claims be denied.
FINRA called for the "defamatory" termination notice to be expunged from his public record and for the reason for his termination to be changed to "voluntary."
AdvisorHub reported that Bodner was fired from J.P. Morgan for "violating the firm's business hospitality policy as it relates to the purpose and location of an event," citing his lawyer, Marc Seldin Rosen in Baltimore. Rosen characterized the termination notice as "the most absurd and flagrantly false thing you'll ever see," the outlet said.
"The bank investigated Bodner, who had managed $1 billion in client assets, over a $642.50 expense account item submitted on his behalf by his assistant, according to Rosen," AdvisorHub reported.
"The funds were for a deli platter served during a Super Bowl party at Bodner's home which a prospective client attended," Rosen said.
Rosen told ThinkAdvisor in separate comments Tuesday that J.P. Morgan's U5 termination filing against Boden "was patently false," and that despite receiving unsolicited offers to move to another firm, Boden was content at J.P. Morgan.
Bodner is now with Wells Fargo, according to his BrokerCheck profile.
Bodner settled a customer dispute while at Mutual of Omaha for $12,200 in 2013 and had two customer disputes denied in 2017 and 2018.
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