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

J.P. Morgan Files Suit Against Former Advisor Over Alleged Client-Poaching

Posted on August 3rd, 2022 at 1:40 PM
J.P. Morgan Files Suit Against Former Advisor Over Alleged Client-Poaching

From the Desk of Jim Eccleston at Eccleston Law.

J.P. Morgan has filed suit against a former advisory who allegedly poached clients after departing the firm to join Stifel, Nicolaus & Co.

In J.P. Morgan’s suit, which was filed in the U.S. District Court for the Eastern District of Michigan, the company is seeking a temporary restraining order and a preliminary injunction to “maintain the status quo” pending the resolution of a parallel arbitration proceeding with FINRA. The former J.P. Morgan advisor, David Anderson, resigned from the firm in June and subsequently joined Stifel.

According to J.P. Morgan, the firm “has learned that since resigning from JPMorgan and joining Stifel, Defendant has solicited at least ten JPMorgan clients to move their accounts from JPMorgan to him at Stifel.” According to the suit, the ten J.P. Morgan clients informed the company that Anderson “solicited the clients’ business, asked the clients to meet with him at Stifel, pitched Stifel’s capabilities and products and services that they did not ask about, or otherwise attempted to get the clients to transfer their accounts to him at Stifel.” J.P. Morgan additionally alleged that at least 15 J.P. Morgan households with assets totaling nearly $24 million have already transferred their business to Anderson at Stifel, according to the suit. Anderson has refused to comment on the matter to the press.

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

Tags: eccleston, eccleston law, advisors, law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

 


It was really fun seeing you fight for us. You have an amazing way of thinking out of the box.


 

Beth M.

LATEST NEWS AND ARTICLES

1779287606 Law
May 20, 2026
FINRA Sanctions Ameriprise for Supervisory Failures in Variable Annuity Exchanges

The Financial Industry Regulatory Authority (FINRA) has fined Ameriprise Financial Services and ordered restitution to resolve allegations that the firm failed to adequately supervise certain variable annuity exchange recommendations.

1779216500 Law
May 19, 2026
SEC Fines Ally Invest Advisors Over Undisclosed Robo-Advisor Conflict

The Securities and Exchange Commission (SEC) imposed a $500,000 penalty on Ally Invest Advisors after finding that the firm failed to disclose a material conflict of interest tied to its Cash-Enhanced robo-advisor accounts.

1779206639 Law
May 19, 2026
Federal Court Upholds FINRA's Authority in Alpine Securities Challenge

A federal court has rejected a broad constitutional challenge to the authority of the Financial Industry Regulatory Authority (FINRA), delivering a significant victory for the self-regulator and reinforcing its enforcement framework.