Tr?id=566623520170033&ev=PageView&noscript=1

Former Edward Jones Advisor Cleared to Solicit Clients for Wells Fargo Advisors

Posted on May 13th, 2024 at 1:12 PM
Former Edward Jones Advisor Cleared to Solicit Clients for Wells Fargo Advisors

From the desk of Jim Eccleston at Eccleston Law

In a recent decision, a panel of three Financial Industry Regulatory Authority (FINRA) arbitrators ruled against Edward D. Jones & Co., allowing one of its former advisors, Justin P. Mackay, to solicit his former clients to transfer their assets to Wells Fargo Advisors.

AdvisorHub reports that the arbitration panel also rejected Edward Jones' claim for up to $2.3 million in damages against Mackay and recommended lifting the temporary restraining order (TRO) imposed by a state court during the arbitration process.

Edward Jones initiated the arbitration claim against Wells Fargo and Mackay in April 2023, alleging breach of contract and unfair competition and accusing the firm of aiding and abetting these violations. According to AdvisorHub, the firm contended that Mackay meticulously orchestrated his departure to maximize success in luring Edward Jones' clients to Wells Fargo, directly violating the terms of his employment agreement.

 

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

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

That is just fantastic! Thank you very much!

Julie N.

LATEST NEWS AND ARTICLES

1789155492 Law
September 11, 2026
SEC Considers Investor Test to Expand Accredited Investor Eligibility

The Securities and Exchange (SEC) Chairman Paul S.

1789059399 Law
September 10, 2026
Advisors Emphasize Early Planning as Key Defense Against Elder Financial Exploitation

Elder financial exploitation has reached crisis levels, according to InvestmentNews.

1789059201 Law
September 10, 2026
FINRA Arbitration Panel Awards $509,000 in Suit Over Conservation Easement Investments

InvestmentNews reports that a three-person arbitration panel under the aegis of Financial Industry Regulatory Authority (FINRA) Dispute Resolution Services awarded $509,000 in damages to clients of Strategic Financial Alliance Inc.