Landsman Saldinger Carroll Secures Nearly $1.2M FINRA Award for Wrongfully Terminated Securities Executive

Landsman Saldinger Carroll, PLLC proudly announces a landmark FINRA arbitration victory, securing nearly $1.2 million for former Touchstone Securities executive Steven Seid. This significant award, including punitive damages, addresses his wrongful termination and achieves complete expungement of defamatory disclosures from his regulatory record. A majority FINRA panel found decisively in Mr. Seid's favor, validating claims from his December 2024 termination by Touchstone Securities, Inc.

The arbitration panel awarded $838,216 in compensatory damages for wrongful termination and tortious interference, $256,000 for lost employment compensation, and $100,000 in punitive damages, plus FINRA filing fees. Crucially, the panel recommended full expungement of Mr. Seid's Form U5 disclosures, directing the reason be changed to "Voluntary." The majority decision concluded Touchstone failed to investigate, did not prove alleged wrongdoing, and acted with "deliberately malicious intent."

"This FINRA panel's decision represents a complete vindication of Steven Seid," stated Laurence M. Landsman. "After a thorough hearing, the panel rejected all allegations, dismissed counterclaims, awarded substantial damages, and ordered removal of defamatory disclosures." He emphasized, "The securities industry relies on accurate regulatory disclosures; this result ensures accountability for firms publishing false allegations, protecting financial professionals nationwide."