A FINRA arbitration panel ordered a former Merrill Lynch advisor to pay the wirehouse nearly $1.3 million in an unusual breach of contract decision, attorneys say.

Derek Greeff, who left the wirehouse to join Ameriprise in 2012 according to BrokerCheck, was ordered to repay Merrill over $1 million for the outstanding balance of a promissory note plus interest. The three-person panel split on awarding $200,000 in attorneys fees to Merrill. It was not clear why one arbitrator dissented from the majority – an unusual decision, attorneys say, in a case involving breach of contract.

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