SunTrust Recoups $192K From Former Broker
Claimant: SunTrust Investment Services, Inc.
Respondent: Adam Benjamin Mayfield
Nature of Dispute: Member vs. Associated Person
Overview of Allegations: SunTrust asserted that Mayfield breached his contract and failed to repay sums due when he left the firm.
In a counterclaim, Mayfield denied the allegations and asserted fraud, misrepresentation, breach of contract and breach of implied covenant of good faith with respect to his employment with SunTrust.
Damages Requested: SunTrust requested $192,870 in addition to pre-judgment interest, costs, attorneys’ fees and other relief the Panel may deem just and proper.
In the counterclaim, Mayfield requested unspecified compensatory damages, interest, costs, expenses and disbursements including expert witness fees and attorneys’ fees.
Result: An arbitration panel determined that Mayfield is liable to pay SunTrust $192,870 in compensatory damages in addition to 4.75% in post-award interest, $11,907.50 for attorneys’ fees and $2,230 for arbitration costs.
The panel dismissed Mayfield’s counterclaim and denied any and all other claims for relief including Mayfield’s request for attorneys’ fees.