Merrill Lynch Pays Fired Iranian Broker $1.6 Million

Merrill Lynch Pays Fired Iranian Broker $1.6 Million

An NASD arbitration panel ordered Merrill Lynch & Co. to pay an Iranian former broker $1.6 million (€1.16 million), saying a branch complex director at the firm set him up to be fired after learning of his ethnicity.

In an unusually lengthy and detailed decision last week, the panel also found Merrill Lynch defamed Fariborz Todd Zojaji on his public record, called a Form U5, which "destroyed claimant's ability to become employed in the securities industry."

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