A former Morgan Stanley broker who's running for Congress recently won a Finra arbitration case against her erstwhile employer but wants to double-check the math on the $147,000 award.
Deborah Adeimy is seeking the Republican nomination for the 22nd District congressional seat in Florida. It’s her second attempt at the office, after an unsuccessful primary bid in 2022.
Adeimy left the Morgan Stanley office in West Palm Beach, Florida, in November 2021 to launch her 2022 campaign. In an arbitration claim filed in July 2022, she alleged that Morgan Stanley blocked her from running for office when she worked there. Adeimy cited breach of employment agreement and wrongful termination, among other causes of action, according to the Monday award.
A three-person Financial Industry Regulatory Authority Inc. panel found Morgan Stanley liable and ordered the firm to pay $147,000 in compensatory damages. Adeimy sought more than $10 million in compensatory and punitive damages.
Adeimy wants to know more about how arbitrators settled on the award amount.
“We’re unclear on how the award figure was calculated,” said a senior campaign aide, who asked not to be identified. “We’re reviewing the details.”
A Morgan Stanley spokesperson declined to comment.
The firm didn't approve a political campaign as an outside business activity, Adeimy’s aide said.
In 2022, Adeimy narrowly lost the GOP primary to Dan Franzese, who prevailed by 130 votes. Franzese went on to lose the general election to Democratic incumbent Lois Frankel, 55% to 44%.
After her unsuccessful campaign, Adeimy worked at the J.P. Morgan Securities office in Palm Beach, Florida, from November 2022 until November 2023, according to her BrokerCheck profile. She departed JPMorgan to run again in the current campaign cycle for the congressional seat that encompasses Palm Beach and other areas on Florida’s Atlantic Coast.
Many financial advisors try to avoid talking politics with their clients and customers. But a few enter politics, such as Diane Young, who is running for Congress in suburban Detroit. A couple of former advisors currently serve in Congress, including Rep. French Hill, R-Ark. Sen. Tim Scott, R-S.C., is a former insurance sales professional.
Adeimy is reentering the arena by taking on Franzese and two other candidates in this year’s GOP primary. She's no longer registered as a broker or an investment advisor, but she highlights her background in financial advice on her campaign website.
Under a section entitled “25+ years proven finance and economic business experience,” she notes that she has securities licenses from Finra, the Securities and Exchange Commission and Florida.
“It’s extremely unusual for a financial advisor to run [for Congress],” Adeimy’s aide said.
Her financial advice career gives her an opening to talk about a topic that is top of mind for voters, the aide said. "The economy is very important right now.”
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