Former Citibank Advisor Agrees To Non-Solicit Ban After Departing Morgan Stanley

Posted on April 5th, 2022 at 2:06 PM
Former Citibank Advisor Agrees To Non-Solicit Ban After Departing Morgan Stanley

From the Desk of Jim Eccleston at Eccleston Law:

A former New York-based Citigroup advisor has agreed to a client solicitation ban after recently departing Citigroup to join Morgan Stanley.


Andrey Borodkin, who departed Citi Personal Wealth Management for Morgan Stanley in February 2022, agreed to a stipulated injunction restricting him from soliciting his former clients. The injunction additionally barred Borodkin from utilizing any client contact information he had obtained at Citigroup to contact former clients. However, Borodkin still will be permitted to solicit family members and other clients he had advised prior to joining Citigroup, according to the court filing.


As of March 16, Borodkin allegedly had transferred at least $74 million in client assets to Morgan Stanley, according to Citigroup. Citigroup alleged that Borodkin “repeatedly” attempted to solicit at least seven former clients while four clients informed the firm that Borodkin “tried to convince them to move with him by suggesting that no one at Citi was monitoring or familiar with their accounts.” In 2017, Citigroup and Morgan Stanley both withdrew from the Protocol for Broker Recruiting, which is an industry agreement that permits advisors to solicit and do business with their former clients when transitioning between member firms.


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

 
 
 

Tags: eccleston law, citibank, morgan stanley

Return to Archive

TESTIMONIALS

Previous
Next

As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.

Bill C. and Dan M.

LATEST NEWS AND ARTICLES

October 23, 2025
Retail Access to Private Markets Raises Investor Protection and Regulatory Concerns

Robinhood Markets recently registered its first alternative investment vehicle, Robinhood Ventures Fund I, with the Securities and Exchange Commission (SEC).

October 21, 2025
Judge Denies Merrill Lynch's TRO in Advisor Transition

A federal judge has rejected Merrill Lynch’s request for a temporary restraining order (TRO) against a group of former financial advisors who left the firm to launch their own independent practice, OpenArc Corporate Advisory, under Dynasty Financial Partners’ platform with custody at Charles Schwab.

October 20, 2025
FINRA Accuses Former MML Broker of Cheating on SIE Exam

Regulators have accused a former MML Investors Services-affiliated broker of cheating on the Securities Industry Essentials (SIE) exam, according to a recent Financial Industry Regulatory Authority (FINRA) enforcement complaint.