First Citizens Advisor Receives Large Award in Arbitration Ruling
Wednesday, June, 29, 2016
One of First Citizens Bank’s former senior financial advisors will receive nearly a million dollars in damages, after claiming she was unjustly terminated based on fabricates charges. Elizabeth Stancil was awarded $985,000 in compensatory damages by a FINRA panel of arbitrators. She had been a working at First Citizens Investor Services in Smithfield, North Carolina.
Stancil’s attorney made a statement to the media, saying his client was happy with the victory and felt as if she had been vindicated. He claimed that feeling was even more important than the money she was awarded. The investment firm continues to deny wrongdoing and claims that was Stancil says is baseless, stating they disagree with the panel’s decision but plans to put the matter in the past, knowing there are very few options when it comes to appeals in FINRA arbitration rulings.
There was no explanation for why the panel ruled the way it did.
Stancil ranked among the top producing financial advisors during her 13 years with the firm. The bank claims she was terminated after paying two assistants $9000 in bonuses out of her own pocket, which is in violation of First Citizen’s ethics code and industry regulations.
Stancil claims the bonuses were approved and that FINRA didn’t have a problem with the bonuses after it conducted an investigation. Her belief was the bonuses were an excuse for First Citizens to fire her and give her clients to an advisor that had a lower commission, which the bank called a conspiracy theory.