A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered JPMorgan Chase to pay $4.25 million to former broker Brent Ryan Bodner over his termination last year related to a disputed expense account submission. The ruling, issued last week, arose from a controversy involving a $642.50 deli platter that Bodner charged to the bank in early 2024.

Bodner, a veteran broker based in Beverly Hills, California, was terminated by JPMorgan in May 2024 following an internal investigation into the deli platter expense. The bank characterized the expense as related to a “Super Bowl party” held at a restaurant. However, Bodner’s attorney, Marc Seldin Rosen, argued that the food was ordered and delivered to Bodner’s home for a pre-approved business meeting with a client and prospective client prior to the game. Rosen emphasized that the event was not a party, but a legitimate business gathering sanctioned by the firm beforehand.

According to Rosen, the deli platter was ordered by Bodner’s assistant with prior approval, consistent with similar expense submissions in the past. The assistant had coded the expense as if the food was consumed onsite at the deli rather than delivered, a discrepancy the lawyer maintained was inadvertent and fell within the firm’s expense guidelines. He alleged JPMorgan used the expense as a pretext to terminate Bodner, asserting that the bank had already decided to end his employment even before completing the inquiry.

The attorney further accused JPMorgan of moving quickly to seize Bodner’s client accounts following the termination, describing internal communications suggesting the firm anticipated Bodner would withdraw his business. Bodner had been registered with JPMorgan Securities and affiliated entities for more than a decade before joining Wells Fargo after his departure.

FINRA’s decision includes an order to amend the language in Bodner’s regulatory record, replacing the termination reason with “voluntary” and removing the negative explanation tied to his firing. The panel also directed JPMorgan to reimburse Bodner $800 in arbitration filing fees but denied other claims, including punitive damages. Bodner had initially sought $15 million in compensatory damages and a further $15 million in punitive damages.

JPMorgan Wealth Management expressed strong disagreement with the ruling and disappointment over the outcome in a spokesperson’s statement. FINRA’s ruling did not disclose detailed findings or explain the arbitration panel’s reasoning for siding with Bodner.

The case highlights complexities around expense account policies and employment termination disputes within the securities industry. It also underscores FINRA’s role in resolving conflicts between broker-dealers and registered representatives through arbitration.