chiefmaugus
08-19-2008, 05:44 AM
I opened an office in Boston and have an at will employment contract with a small CA domiciled broker-dealer. I am one of three producers (registered rep) including the founder. In April 2008, two clients in Boston directed my firm to invoice them $70,000.00 in aggregate for "research services" performed in q1-2008. My contract stated that I would be paid 90% of the gross billed amount whenever the client paid us by check. My boss realized that he was going to have pay me $63,000.00 and he unilaterally decided that he was going to pay me 70% instead. The checks were written to our firm. I stated that if he was unhappy with our agreement then we could discuss the matter and make adjustments going forward, but that he had an obligation to pay me out at 90% on that piece of business because the work was performed while that agreement was in place. He kept saying that he would not pay me. I was stuck because I needed my wages to pay my mortgage and other family bills. After weeks of battling over this matter I reluctantly agreed to take just 75%. He left me no choice. I learned that he could not be trusted and I started making plans for my departure. I told him in August that I was going to start a business and he said that he would consider that as my resignation. In July another Boston client asked us to invoice them for $25,000.00 for work performed through q2-2008. Today I asked my boss to reconcile commissions and he said that he wasn't planning on paying me any of that amount. I asked him to consider paying me 90% to reconcile my final wages considering how he forced me to settle for 75% in April under duress. What should I do? He has also threatened to play hard ball if I fought him over these wages. Doesn't he know that two can play that game and no one comes out a winner. Suggestions welcome. Thank you.
