Can you take it with you?

Published Thursday, October 01, 2009

In 2004, Thomas Banus moved his book of business from discount brokerage Quick & Reily to Smith Barney. As an incentive to join Smith Barney, Banus was offered about 10 percent of his trailing 12-months production in upfront cash — a forgivable loan. That loan amounted to about $46,000. Each year over seven years, an equal portion of the loan was forgiven. But two years into the job, Banus left Smith Barney. Since then, the firm has been demanding that Banus pay back the balance on the loan with interest, equal to around $39,000, immediately, ...

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