Wedbush Securities Inc. has been ordered to pay more than $3.5 million to make up for its “morally reprehensible failure and refusal” to compensate one of its traders, an arbitration panel has ruled.

A three-member Financial Industry Regulatory Authority (FINRA) panel handed down the decision on June 23. The ruling comes after the claimant, Stephen Kelleher, first joined Wedbush in early 2007 and allegedly worked for years without receiving consistent payments of the incentive-based compensation he had been promised. Kelleher served as a municipal sales trader at Wedbush.

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