CHICAGO - Republican candidate for Illinois House Vincent Romano says he lost his job in 2012 because his employer was concerned that Romano's candidacy could affect the firm's financial services business. Wednesday, an arbitration judge awarded $525,000 to Romano, a positive ruling, but much less than the amount he was suing to reclaim from Morgan Stanley.
Investment News reports: "Former financial adviser Vincent Romano, who was fired in May 2012, accused Morgan Stanley of unjust termination and claimed that the firm included a libelous mark on his employment record in order to weaken his campaign.
"The firm was concerned that his election in the 16th District, which includes a number of Chicago suburbs, could upset the balance of power in the Illinois House and interfere with business that the firm had with the state government, he said."
In addition to compensation, Romano wanted changes to a public statement Morgan Stanley made about the reasons for firing Romano. There were “concerns about [the] financial adviser running for elected political office, despite not having received prior firm approval for same, as required by firm policy,” the firm wrote on his U5, which is publicly available through the Financial Industry Regulatory Authority Inc.'s BrokerCheck database.
Romano asked for $8 million and the severance description to be re-worded. He received $525,000 and his termination form was ordered to be altered to read that he was fired because of “concerns about the financial adviser running for elected political office, despite not having received prior firm approval for same, due to a misunderstanding between the firm and the financial adviser. The terminated employee violated no investment-related statutes, regulations or rules."
Romano is challenging Democrat House leader Lou Lang of Chicago once again in 2014. More information HERE.