It's not clear whether Wedbush Securities simply forgot to pay one of its traders in a timely fashion or not, but either way, FINRA calls the case "reprehensible."
Stephen Kelleher joined the firm as a muni trader in 2007 and claims he only received his incentive pay in three big lumps paid anywhere from 7 to 17 months apart.
And it wasn't even what the firm owed him. Apparently, his back compensation soared to $5 million by the time that, after repeated requests to get his money, he filed a FINRA complaint.
FINRA blames a bad employee contract and Wedbush's policy of having to get its notoriously cheap 78-year-old founder to approve all incentive payments to senior staff.
Wedbush is appealing the ruling.