Pharma Investments, Ventures & Law Weekly
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Clouse Dunn Khoshbin Llp
Goldman Sachs Ordered to Pay Broker $1 Million, According to Clouse Dunn Khoshbin LLP
October 26th, 2008
A panel of securities industry arbitrators has ordered investment banking giant Goldman Sachs (NYSE:GS) to pay one of its former brokers $1 million following an investigation into the company's compensation system. Greg Fullmer, 49, of Los Angeles, worked for Goldman Sachs for 11 years until the company fired him in 2004, according to the claim filed with the Financial Industry Regulatory Authority (FINRA) in Los Angeles. During Mr. Fullmer's employment, Goldman Sachs restructured its compensation plan for brokers, and began withholding a portion of brokers' commissions and converting them to restricted stock accounts that would pay out over time. Doing so saved the...
Source: Pharma Investments, Ventures & Law Weekly (2008-10-26)
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