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

Return to Archive

TESTIMONIALS

Previous
Next

I cannot thank you enough for your efforts. You have proven to be a valuable resource

Jim T.

LATEST NEWS AND ARTICLES

July 26, 2024
Kentucky Advisor Sues LPL Financial for Alleged Corporate Raid

A Kentucky advisor, Mark Lamkin, has filed a lawsuit against LPL Financial, claiming the independent broker-dealer orchestrated a corporate raid that resulted in the loss of his firm’s entire book of managed assets.

July 25, 2024
FINRA Plans Fee Increases Amid Rising Costs and Losses

The Financial Industry Regulatory Authority (FINRA) has announced plans to raise fees for its approximately 3,300 broker-dealer member firms. According to AdvisorHub, the self-regulator faces soaring costs, as detailed in its annual report published at the end of June.

July 24, 2024
Raymond James Settles with Oregon Over Excessive Commissions

Raymond James recently settled a case with Oregon's Division of Financial Regulation (“DFR”), agreeing to pay nearly $200,000 over allegations of charging excessive commissions to retail investors.