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

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

Jim T.

LATEST NEWS AND ARTICLES

1793987008 Law
November 6, 2026
CoreWeave Bonds Slide as Political Opposition to Data-Center Expansion Grows

CoreWeave's debt and stock price fell on November 4th as election victories by Democratic candidates opposing rapid data-center development raised concerns about the regulatory environment facing AI infrastructure companies.

1793905109 Law
November 5, 2026
SEC to Expand Examination Focus on AI Oversight and Investment Adviser Compliance in 2027

The Securities and Exchange Commission (SEC) plans to scrutinize how investment advisers and other regulated firms use artificial intelligence, manage technology-related risks, and protect client information.

1793817807 Law
November 4, 2026
Bank of America Faces More Than $1.21 Billion in Penalties Over Money Laundering and Sanctions Failures

Federal regulators have imposed more than $1.21 billion in penalties against Bank of America for anti-money laundering and compliance failures.