Ord Minnett failed to pay minimum wages, annual leave pay, leave loading or sick leave to a senior wealth adviser, according to a judgment that could expose the firm and other employers in the finance sector to massive back-pay bills.

The Federal Circuit Court ruled the stockbroking firm breached workplace laws from at least 2015 to 2019 when it paid former client adviser Evangelos Theodorou only commissions and not minimum entitlements under the finance sector award.