Ir-Rationale FINRA Merrill Lynch EFL Arbitration Decision Cited by Tax Court

In my private law practice, I frequently receive telephone calls from registered representatives who have an Employee Forgivable Loan (also known as a "Promissory Note" or  "EFL") and are contemplating quitting or anticipate being fired from the employer broker-dealer. Inevitably, our conversation involves some discussion as to the "unaccrued balance" remaining on the EFL — which prompts the client to ask if I can negotiate some discount off any repayment. In some cases, the client volunteers that there's no way in hell that he can come up with the bucks needed to repay anything (often including my legal fees). In other cases, we got "mitigating circumstances" involving discrimination, harassment, wrongful discharge, hostile workplace, racism, sexism, ageism, which migh…

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