Darien banker Jennings Bad Arrest Leads to Millions of lost Compensation

UPDATE 1-15-13: Darien Times is reporting ASA Weiss with held evidence from Jennings’ defense for months. It appears he did it to try to get Jennings to plea out. The local paper questions the ethics of our Stamford States Attorney office.

Original Text
Today the Wall Street Journal has a story showing how Darien banker William Bryan Jennings got totally screwed over by Morgan Stanley after he was arrested for a hate crime the state of Connecticut later dropped. One of my readers had commented last month in some of the stories I’d written about Jennings that the investment bank he spent two decades with wasn’t going to pay him millions in deferred compensation. I tried to follow-up on that news but it looks like the WSJ beat me to it.

You see most bank executives don’t get their full bonuses when they are awarded each year. The bank usually sets up a 2-3 year deferred stock payout to keep great performers in their job. Jennings was one of those bankers who has now learned bad pr for him equals Morgan Stanley is going to take the opportunity to not fork over millions in pay he previously earned. The Journal says Jennings wasn’t fired until October – a few weeks before all charges were dropped. Morgan Stanley claims they can fire him because his actions hurt the firm even though his job performance isn’t why he’d be fired. Sounds like a totally BS excuses to me. What’s also troubling is the CT assistant States attorney, Weiss, waited until October to drop the charges when he knew in May the cabbie had lied about having the weapon all along — in May Jennings was still employed by Morgan Stanley.

Officials at the firm believe it owes him nothing, citing “clawback” provisions that allow the company to withhold or seize pay from employees who hurt Morgan Stanley, wrote Aaron Lucchetti for the Wall Street Journal

The story was clearly leaked to the WSJ by a public relations person Jennings has hired as he is currently negotiating with Morgan Stanley to get paid. But if negotiations were going well this story wouldn’t have been leaked; so there is strong chance we’ll see Jennings sue the bank over the termination. Of course if he does that he better secure a good settlement figure because no other bank is going to hire him.

As I’ve previously written, CT civil rights lawyers think Jennings has a decent case to sue the town of Darien for the police actions in a wrongful arrest and thus a violation of his civil liberties. And now that we know he also lost a job, that paid millions each year, for a bad arrest what’s holding him back?

UPDATE 12-19-12 5:30pm: Darien Times got Jennings to pick up the phone and he told them ‘Yea my former employer does owe me a lot of money which kind of sucks’ – to see Jennings exact quote go read David DesRoches story

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Comments

  1. You’re right Teri – Jennings does have a case to sue the town of Darien but isn’t the CT ASA who waited until October to drop the charges really at fault

  2. Damn funny Teri and so right. Keep up the great reporting girl – we love your voice.

  3. Concerned Citizen says:

    Teri — Reasonable piece but the breadcrumbs were here for you more than a month ago. Some thoughts. The State’s Attorney (ASA Weiss) waited or four months to tell Riccio & Jennings that Ammar had the knife the entire time. Why? Answer: so Weiss could continue to press Jennings to take some unfavorable plea or other kind of deal. Weiss was told of the knife on May 10 when Ammar came to see him and told Weiss that he’d had it since (or around the time of the incident). Weiss did not tell Riccio until the last week of September. That’s irreprehensible behavior on the part of ASA Weiss (may even be prosecutorial misconduct). Had Weiss made the the information available when he learned of it (which is his ethical/legal obligation), Jennings would still be working at Morgan Stanley.

    • re breadcrumbs – If Jennings doesn’t tell me that he’s not getting his deferred comp like he did the WSJ I can’t break news. He choose to give the story to the WSJ.

  4. Peter Jennings says:

    I guess he should have just paid the fare and cursed the driver when he got into the house. $204 for 40mls is a bit steep, $5.1 dollars per mile. Is that usual?

    If you knowingly work with shysters and conmen, you really shouldn’t be suprised if they turn on you one day.
    JP Morgan have such a long history of putting meters on things and sinking people’s boats. They have also had much worse over the years than a scuffle over a taxi bill, but chose to overlook those.

  5. Teri, please do some reporting on why the Tuscan Restaurant in New Canaan was “seized.” Allegedly, US Marshals raided the establishment after allegations of drugs, prostitutes, and unlawlful sleeping quarters were found. Sounds like something that needs some light shed on it. The managers were skivvy characters.

  6. Also, they allegedly were not paying rent for the last several months.

  7. thomas ford house of mcfadden says:

    saw the film on PBS Front line and one here would have to say ….If it looks like a duck ..walks like a duck…….and quacks like a duck…………your not in Kansas anymore toto…………love your section and my sincere compliments…..to you Teri……..and by the way …you look ………..marvelous………….shalom and Mahalo

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