'Unfairly treated' ex-Morgan Stanley broker awarded compensation

Pile Of Coins

A former Morgan Stanley broker who claimed that he was unfairly terminated for running for a seat in the Illinois House of Representatives has been awarded $525,000 from a Finra arbitration panel.

Investment News reports that former financial adviser Vincent Romano, who was fired in May 2012, accused Morgan Stanley of unjust termination and claimed that the firm included a libellous mark on his employment record in order to weaken his campaign.

The firm was concerned that his election in the 16th district, which includes a number of Chicago suburbs, could upset the balance of power in the Illinois House and interfere with business that the firm had with the state government, he said.

'(Morgan Stanley) feared a loss of business with the City of Chicago and the State of Illinois because MSSB has a relationship with House Speaker Michael Madigan, and Romano was running on a reform platform that could upset Michael Madigan's political power,' Romano argued, according to the award.

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