• $9,925,860.78 per the balances due on the Notes plus pre-judgment interest through June 17, 2016;  
• $538,046.00  attorneys' fees; and
• $280,891.24 costs.

[A]n injunction enjoining MSSB from  making further false and defamatory statements about Respondent Cebert; the return  by Claimant MSSB of all the files it acquired from Respondent Cebert and Cebert  Wealth Management ("CWM") when it induced him to move into the Sumter Landing  branch office, including but not limited to all CWM business records, and the complete  CWM and MSSB files of all clients who have transferred and who will transfer their  accounts to CWM in the future . . .

1. Respondent is liable on the claim of breach of promissory note and shall pay to Claimants damages in the amount of $1,260,000.00 for repayment of the Notes dated June 19, 2012, August 29, 2012, and November 2, 2012, inclusive of prejudgment interest. Claimant MSSB is liable on Counts 1, 2, 3, and 5 of the Counterclaim and shall pay to Respondent $2,380,000.00 inclusive of prejudgment interest. Pursuant to the stipulation of the parties, the above amounts are offset. Accordingly, Claimant MSSB is liable and shall pay to Respondent the sum of $1,120,000.00.  

2. Pursuant to the terms of the Notes, Claimants MSSB and MSSB Notes are jointly and severally liable for and shall pay to Respondent attorneys' fees in the amount of $833,940.80 and Respondent is liable for and shall pay to Claimants attorneys' fees in the amount of $107,609.20. Pursuant to the stipulation of the parties, the above amounts are offset. Accordingly, Claimants MSSB and MSSB Notes are jointly and severally liable for and shall pay Respondent attorneys' fees in the sum of $726,331.60.

3. Claimants MSSB and MSSB Notes are jointly and severally liable for and shall pay to Respondent costs in the amount of $148,955.52. Respondent is liable for and shall pay to Claimants costs in the amount of $56,178.25. Pursuant to the stipulation of the parties, the above amounts are offset. Accordingly, Claimants MSSB and MSSB Notes are jointly and severally liable for and shall pay to Respondent costs in the sum of $92,777.27.  

4. The Panel found that although Respondent could have been more diligent and proactive in terms of acclimating himself and his team to some of the requirements and expectations for him and them at Claimant MSSB, the Panel finds a far greater degree of fault on the part of Claimant MSSB during Respondent's employment and after his termination.  

The Panel conducted 39 hearing sessions over the course of 21 days, heard  testimony from 24 fact and 3 expert witnesses, and received over 700 exhibits.  

Assessing the credibility of the witnesses, the Panel finds that, under Florida Statutes, §768.725, Respondent established his entitlement to punitive damages  with clear and convincing evidence of:  

a. A flawed internal investigation that was conducted, acted upon, and reported with reckless disregard for its accuracy and completeness and for the  defamatory consequences it would have for Respondent; and  

b. Communications with Respondent's customers conducted in at least a  grossly negligent manner (if not with a self-serving, malicious motive) by one  or more managers and/or authorized representatives of Claimant MSSB  regarding Respondent and his departure from Claimant MSSB that defamed  or were intended to defame Respondent in the minds of his customers.  

The Panel therefore awards $500,000.00 in punitive damages to Respondent, for which Claimant MSSB is liable.  

5. Pursuant to the stipulation of the parties and the offsets set forth above, Claimants are liable for and shall pay to Respondent the sums due pursuant to items 1, 2, 3 and 4 above for a total of $2,439,108.87.

6. The Panel recommends expungement of the entire Termination Explanation from Section 3 of Respondent Dale Lawrence Cebert's (CRD # 2986573) Form U5 filed on April 2, 2014, by Claimant MSSB and maintained by the CRD. The Reason for Termination shall remain the same. As requested by Respondent, the Panel recommends that the expunged language be replaced with the following language: "Terminated without cause." These recommendations are based on the defamatory nature of the information. In addition, the Panel recommends the expungement of the Yes answer to Question 7F(1) of the foregoing Form U5. The Panel recommends that the answer be changed to No and the accompanying Termination Disclosure Reporting Page be deleted in its entirety.  . .

a. A flawed internal investigation that was conducted, acted upon, and reported with reckless disregard for its accuracy and completeness and for the defamatory consequences it would have for Respondent; and

b. Communications with Respondent's customers conducted in at least a grossly negligent manner (if not with a self-serving, malicious motive) by one or more managers and/or authorized representatives of Claimant MSSB regarding Respondent and his departure from Claimant MSSB that defamed or were intended to defame Respondent in the minds of his customers.