Former Wedbush Securities Inc. representative Randy LaCombe was awarded $93,819.72 in compensatory damages after a FINRA Arbitrator found that Wedbush failed to pay LaCombe commissions from July 1, 2010 until March 31, 2011.
LaCombe claimed that he resigned from his position at Wedbush after he was not paid properly according to his employment contract, which stated that he was to receive a 25% incentive compensation on all trading profits and sales to be paid quarterly. Therefore, LaCombe alleged breach of contract, failure to pay commissions, failure to pay compensation owed, and failure to honor an employment contract.
Although Webush denied all claims and put forward a number of defenses, the FINRA Arbitrator presiding over the case found the firm to be liable and instructed it to pay LaCombe an award.
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