Edward Jones Advisor Who Set Up RayJay Shop Hit with Restraining Order

Posted on June 1st, 2021 at 10:58 AM
Edward Jones Advisor Who Set Up RayJay Shop Hit with Restraining Order

From the Desk of Jim Eccleston at Eccleston Law LLC:

A Texas federal judge granted Edward D. Jones & Co.’s request for a temporary restraining order (TRO) against an advisor who allegedly solicited his former clients to join him at Raymond James. Additionally, the firm alleged that the advisor “physically locked out” Edward Jones employees from his office. 

Russell R. Riggan left Edward Jones on May 18 to join Raymond James’ independent advisor channel and immediately opened a new shop adjacent to his former Edward Jones office. After managing nearly $500 million in client assets for 1,582 households, Riggan was ordered by a federal judge to return to Edward Jones “all records, information and/or documents in any form pertaining to customers or prospective customers of Edward Jones.”

The restraining order is effective until June 7 pending a hearing on Edward Jones’ motion to extend the TRO as a preliminary injunction. In a declaration filed prior to the judge’s restraining order, Riggan denied the firm’s allegations. Riggan’s attorneys argued that there was no contractual violation or compromising of trade secret or confidential information. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, edward jones, restraining order

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