Lax & Neville LLP Wins A Monetary Award And Expungement Relief For HSBC Securities (USA) Inc.’s Filing Of A False Form U-5 In A FINRA Arbitration

On September 8, 2015, Lax & Neville LLP, a leading national securities arbitration law firm, won a FINRA arbitration award on behalf of a trader, Gontran de Quillacq, against HSBC Securities (USA) Inc. (“HSBC”) for, among other things, the payment of compensation, including severance, expungement of his Form U-5, interest, attorneys’ fees and costs. An experienced three (3) person Arbitration Panel rendered a six figure arbitration award in compensatory damages, including interest at the rate of 9% per annum from October 2, 2012, the date of Mr. de Quillacq’s termination, until the award is paid in full. The Arbitration Panel also ordered HSBC to pay Mr. de Quillacq’s attorneys’ fees in the amount of $20,000, his costs in the amount of $3,510, and assessed all FINRA hearing fees to HSBC, in the amount of $9,000. The Arbitration Panel also found that HSBC’s reason for terminating Mr. de Quillacq’s employment was unfounded and false, and recommended the expungement of the Termination Explanation from Section 3 of Mr. de Quillacq’s (CRD # 5116610) Form U-5 filed by HSBC on November 1, 2012 and maintained by the Central Registration Depository (“CRD”). Specifically, the Arbitration Panel in the FINRA Award stated that, “The Termination Explanation shall be replaced with the following: ‘Gontran [d]e Quillacq was unjustly terminated based on his supervisor’s failure to supervise, inadequate trading system, and an error of another employee, which was not attributable to Gontran [d]e Quillacq.’” In essence, Mr. de Quillacq was vindicated from being a scapegoat and was exonerated of any alleged wrongdoing. To view this Award, Gontran de Quillacq v. HSBC Securities (USA) Inc. – FINRA # 13-02861, click here.

To discuss this arbitration award, please contact Barry R. Lax, Esq. or Sandra P. Lahens, Esq. at (212) 696-1999.

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