Merrill loses arbitration brought by Iranian broker

In a rare arbitration award explanation, one that spanned eight pages, a panel took pains to note the reasons behind the $1.6 million award ($1.2 million of which was for punitive reasons) it granted a former Merrill Lynch broker who happens to be Iranian. According to the Associated Press, the panel found that Merrill Lynch defamed Fariborz Todd Zojaji on his Form U5 and thus "destroyed claimant's ability to become employed in the securities industry." The panel also said that Zojaji was on management track in suburban Miami. But a regional complex director, uncomfortable with Zojaji, reduced his status and eventually fired him for unauthorized trades. He was not given a chance to respond to the charges. It's unclear how Merrill Lynch will respond.

For more:
- here's the AP article