Despite claims that UBS provided an "inhospitable work environment," an ex-advisor from the firm was ordered to pay his former employer $300,000 by a FINRA arbitration panel earlier this month.

The panel was unconvinced by advisor Michael Hadden's concerns, and found him liable for breach of employment contract and unjust enrichment. According to FINRA records, UBS sought damages because Hadden allegedly failed to honor contractual obligations under the terms of two promissory notes that were due after he quit his job on Nov. 3, 2011. He had joined the Swiss-owned firm in June 2009, according to FINRA records.

Hadden sought counterclaims for damages of $1.3 million, alleging breach of understanding, fraudulent inducement and creation of an inhospitable work environment, the records show. He further alleged that UBS offered to pay him a bonus equal to 1% of the net new assets he originated over a four year period. He claimed to have received his bonus in the form of less desirable, forgivable notes of $200,000 after bringing in more than $20 million in new assets.

The panel rejected his claims, and awarded UBS $183,642 in compensatory damages, an additional $16,363 in interest on the compensation, plus $105,356 in attorney's fees. A spokesman for UBS said the firm was pleased to have the matter resolved.

Hadden, who represented himself at the hearing according to FINRA records, could not be reached for comment. Attempts to reach him at a personal phone number were unsuccessful.

He earned his Series 7 in 2001, according to his FINRA BrokerCheck file. He worked at Credit Suisse in New York until 2007. He joined the Bank Street Group in Stamford, Conn., in 2008, leaving the following year to join UBS in Lexington, Ky.

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