Western Heritage Law Group represents registered representatives in promissory note disputes and claims. Upfront bonuses (promissory notes or up-front forgivable loans) are used in the securities industry as a recruiting tool.
Firms offer an upfront bonus to a registered representative recruited, and the amount is usually determined by the registered representative’s trailing 12 (gross commissions for the past 12 months). This bonus is a forgivable loan incrementally forgiven on each anniversary date of the registered representative’s employment.
Suppose the registered representative leaves the firm or is terminated for any reason during the forgiveness period, the firm can sue for the balance of the note. The circumstances for why the registered representative left the firm or was terminated are significant in negotiating a settlement for the remainder of the note.
These circumstances include but are not limited to the registered representative being recruited and induced into signing the promissory note under pretense, the registered representative suffering financially and can no longer survive at the firm due to a change in firm policy, or the registered representative being discriminated against based on his race, religion or sex and has to resign. These are just a few examples of the type of cases our attorneys handle.
At Western Heritage Law Group, our legal team can protect the interests of financial professionals concerning promissory note cases. Upon receiving a demand letter from the firm requesting you to repay the outstanding amount owed on loan, our office should be immediately contacted.
