A Finra arbitration panel has ruled in favor of a former Raymond James Financial Services broker who claimed that the firm treated her unfairly when it terminated her, according to news reports.

The arbitrators awarded Diana Marie Petersen more than $500,000, writing that the language Raymond James used in her Form U5 "portrays [her] in an extremely negative light making it quite difficult if not impossible for her to obtain new employment in the financial services industry,” InvestmentNews writes, citing the award document.

Raymond James gave her a five-day notice of termination in 2015, according to the publication.

The amended explanation cites “a number of minor violations” of Raymond James’ policy and a conflict with her supervisor, and adds that Petersen signed a document authorized by her husband using his name, in connection to a trust, InvestmentNews writes.

The panel ordered Raymond James to pay Petersen $360,000 in compensatory damages, 10% interest on the damages from Jan. 22, 2018 through Aug. 19, 2019, which amounted to more than $50,000, and $1,100 in costs, according to the publication.

In addition, the panel ordered the firm to pay $100,000 to Petersen for failing to meet deadlines in handing over documents, InvestmentNews writes.


Raymond James’ termination language prevented Petersen from selling her book of business of around $900,000, her lawyer, Michael Mahoney, a partner at Mahoney Lefky, tells the publication.

Petersen never registered with another firm after her 2015 termination, according to BrokerCheck.

A Raymond James spokesman declined comment to InvestmentNews.