Arbitration panel awards former First Citizens adviser $985K
A former senior financial adviser at First Citizens Bank who contended that she was unjustly fired on a “trumped-up, fraudulent and fabricated charge” has been awarded nearly $1 million in damages by a panel of arbitrators.
Elizabeth Stancil, a Clayton resident, was awarded $985,000 in compensatory damages in a unanimous May 20 ruling by a three-person panel of arbitrators for the Financial Industry Regulatory Authority, or FINRA, which regulates brokerage firms. Stancil worked in Smithfield for First Citizens Investor Services, a subsidiary of Raleigh-based First Citizens Bank.
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The terse ruling doesn’t include the arbitrators’ rationale for the decision or for determining the amount of Stancil’s award.
Stancil, who had been with First Citizens for 13 years and ranked among its top producing financial advisers, was dismissed in March 2014. The bank contended that she was dismissed for paying two assistants a total of $9,000 in unauthorized bonuses out of her own pocket in violation of the bank’s code of ethics and industry regulations.
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