KINGWOOD — A securities brokerage firm has filed suit against a former financial adviser for allegedly failing to pay an arbitration award.
Merrill Lynch, Pierce, Fenner & Smith Inc. filed a complaint in Preston Circuit Court against Philip W. Conley, alleging that the former financial adviser failed to comply with the court order.
According to the complaint, the plaintiff alleges that on Oct. 31, it filed an arbitration claim with FINRA against the defendant for breach of contract and unjust enrichment. On June 1, 2015, the FINRA arbitrator issued an arbitration award for the defendant to pay the plaintiff compensatory damages of $699,763.40, interest, attorney's fees and costs. To date, it has not received any payment from the defendant. The plaintiff holds Philip W. Conley responsible because the defendant allegedly failed to pay any portion of the award.
The plaintiff requests a trial by jury and seeks judgment confirming the award and directing judgment be entered upon the award, award for attorneys' fees, costs and expenses for this action and any other relief. He is represented by Jeffrey Kimble and Stephen F. Gandee of Robinson & McElwee PLLC in Clarksburg.
Preston Circuit Court Case number 16-c-112