Ord Minnett sacked a broking director for allegedly making up that senior leadership expected him to sell his house to pay the firm’s ASIC penalty for breaching share buyback rules.

Former co-head of wholesale broking David Wylie is suing the stockbroking firm for damages over his dismissal this year and has claimed he was fired in part because he complained it would be unlawful to dock his pay by $110,000 over the fine.