A Financial Industry Regulatory Authority arbitration panel has ruled that Lincoln Financial will pay $2m to a former broker, Jeffrey Concepcion, over allegations of abruptly terminating and defaming.

The securities arbitration panel told that Lincoln Financial had asked the broker to sign an agreement not to compete with another brokerage firm for a severance package and then later published false information that he made a career change.

In late 2008, Concepcion filed the case and asked for $4.8m in damages at the time of his hearing in March, as reported by Reuters.

According to regulatory filings, Concepcion still has his license and is currently a broker affiliated with a different firm, LPL Financial.