A deli platter worty $642 ended up costing JPMorgan Chase a fortune of $4 million and beyond.
A Wall Street Arbitration panel was seen ordering the banking giant to pay veteran Beverly Hills broker Brent Ryan Bodner millions in damages for his firing last year over an expense account submission linked to a business meeting at his residence.
The Financial Industry Regulatory Authority issued this ruling last week. Bodner's lawyer mentioned that the company mischaracterized a February 2024 gathering the broker held as a Super Bowl party at a leading eatery when it was actually a pre-approved business meeting at his residence involving a client and a prospective client.
The attorney said the disputed expense involved a platter which was delivered to Bodner's home for and ordered a few days before the big game. After seeking approval for the meeting before the Super Bowl, Bodner's assistant ordered this platter in advance.
The paperwork was handled in the same manner that food orders were made in the past. The expense was coded as if the food was eaten at the eatery and not delivered to his home. But they argued that the charge fell below the firm's spending cap and complied with company policy at the time.
JPMorgan used the platter as a pretext to fire its client. Bodner had spent more than a decade registered with JP Morgan and its affiliates. And now he's getting millions from the firm.