Two former UBS advisers not only lost their arbitration case against the firm last week, which they accused of hiring them under false pretenses, but they now owe UBS more than $4.5 million for alleged breach of promissory notes.
The dispute between Thomas Fayad and Michael Zirpolo and UBS, which has its origins in 2012 when they joined the firm from Morgan Stanley, centered on whether the advisers were given a proper chance to build their book.
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