A former Fort Worth private banker who managed roughly $1 billion in client assets is making another push for damages after winning changes to a disputed JPMorgan termination record. Joshua David Sappi Biering says the filing cost him clients, revenue and a planned move to Merrill Lynch. Now he is asking a federal court to consider employment claims that were not resolved in the earlier arbitration.
According to AdvisorHub, Biering filed the new claim yesterday in Fort Worth and is representing himself. He alleges sex, national-origin and disability discrimination, retaliation and violations of the Family and Medical Leave Act, but the filing does not specify a total damages demand.
The Arbitration Changed His Record But Awarded No Damages
A FINRA arbitration panel previously denied Biering's claims for damages but recommended that his Form U5 be amended to show he left voluntarily, with the termination explanation deleted. The FINRA arbitration award also changed the termination date to October 28, 2023, after the panel concluded JPMorgan timed the filing to make it harder for him to move his client book to a competitor.
The panel found the termination explanation inaccurate, but it did not find the language defamatory. It also declined to award damages after finding that Biering secured what it called lucrative employment with Raymond James less than two months after leaving JPMorgan.
Fort Worth Federal Court Is Now The Next Battleground
The case is pending in the U.S. District Court for the Northern District of Texas, Fort Worth Division, against J.P. Morgan Securities, JPMorgan Chase and JPMorgan Chase Bank. The public court docket identifies the dispute as arising under the Federal Arbitration Act and shows the banking defendants have appeared through counsel.
The fight centers on whether Biering's employment-related claims were ever decided on their merits. He argues they were excluded from the FINRA case because J.P. Morgan Securities declined to arbitrate them, while JPMorgan Chase was not a FINRA member subject to his arbitration jurisdiction.
Why The U5 Filing Matters In The Brokerage World
FINRA describes Form U5 as the filing firms use to end an associated person's securities registration and, when relevant, explain why that person left. The regulator says the form becomes part of the individual's registration record, which helps explain why a disputed termination entry can follow an advisor into the next job.
Biering resigned from JPMorgan in October 2023 while preparing to join Merrill Lynch, then was terminated during a 60-day garden-leave period after the bank said he engaged in “inappropriate behavior.” He claims Merrill backed out because of the U5 filing and that only about 35% of his customers' assets moved with him, while AdvisorHub reported that he later managed about $260 million and generated roughly $2 million in revenue at Raymond James.
The New Claims Still Have To Be Proven
A federal judge confirmed the original arbitration award last Friday and rejected Biering's earlier attempt to alter or vacate its zero-damages portion. His latest filing is a separate effort to pursue employment claims he says were never adjudicated, not a ruling that JPMorgan violated discrimination or leave laws.
For now, the arbitration victory gives Biering a cleaner professional record, while the damages question remains unresolved. JPMorgan has disputed his allegations in the arbitration, and the new federal case will determine whether the claims can proceed and, eventually, whether any damages are legally available.
