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

Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.

LATEST NEWS AND ARTICLES

February 4, 2026
Investor Redemptions Rise in Nontraded BDCs Amid Credit Concerns

Financial advisors and their clients have increased redemptions from nontraded business development companies (BDCs) following a series of high-profile corporate bankruptcies, according to InvestmentNews. The surge highlights growing investor concern about liquidity and credit exposure within these high-yield but often risky investment ...

February 3, 2026
FINRA Accuses Spartan Capital of Widespread Churning That Allegedly Harmed Customers

The Financial Industry Regulatory Authority (FINRA) has brought a disciplinary complaint against Spartan Capital Securities and several senior leaders of the New York City–based broker-dealer, alleging that the firm facilitated excessive trading that generated millions of dollars in revenue while causing substantial losses to customers.

February 2, 2026
California Investors Allege Unsuitable DST Recommendations in FINRA Arbitration

Two investors from the San Francisco Bay Area have filed a FINRA arbitration claim against brokerage firm Realized Financial and its financial advisors.