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Ex-Lehman Broker Loses Arbitration
A FINRA arbitration panel ordered a former Lehman Brothers broker to pay the now defunct firm around $2.2 million for breaching the terms of two promissory notes - $2mn in compensatory damages, 200K interest. The case goes back to April 2010, when Lehman Brothers accused RR Bryon James Botsford of breach of contract relating to promissory notes he had signed in 2008.
According to CRD records, Botsford, who's currently with Citigroup Global Markets in California, joined Lehman Brothers in 2008 in Menlo Park, California. HE previously was employed with Wells Fargo and UST Securities.
Mr. Botsford will continue to be penalized 3% on the $2 million award, starting from 7/20/11, until he completely repays the award. This is FINRA DR Case No. 10-01876. [Reuters, 8/9/11]
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