UBS Advisors Ordered to Pay Nearly $334,000 in Dispute with AllianceBernstein
From the desk of Jim Eccleston at Eccleston Law
An arbitration award revealed that two UBS advisors in Philadelphia, Elijah Dornstreich and Ryan DePaul, are required to pay approximately $334,000 in damages, legal fees, and costs to their former firm, AllianceBernstein, due to a dispute over customer solicitation.
According to AdvisorHub, AllianceBernstein alleged that Dornstreich and DePaul violated various agreements, including breach of contract, raiding, unfair competition, and misappropriation of trade secrets, related to their move to UBS in October.
The Financial Industry Regulatory Authority panel imposed a permanent injunction on Dornstreich and DePaul in December, prohibiting them from contacting their former clients for one year following their departure. AdvisorHub also reports that the injunction prevented the advisors from informing their clients about their move.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
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