J.P. Morgan Loses TRO Bid Against Former Advisor

Posted on March 14th, 2022 at 1:28 PM
J.P. Morgan Loses TRO Bid Against Former Advisor

From the Desk of Jim Eccleston at Eccleston Law:

A New Jersey federal court has denied J.P. Morgan’s request for a temporary restraining order (TRO) against an advisor who joined Wells Fargo in February 2022.


However, the legal battle may persist based on the judge’s “without prejudice” ruling, which potentially presents J.P. Morgan with an opportunity to reopen the case. J.P. Morgan sought a TRO and an injunction against Taulant Cela, who spent nine years with the firm in an effort to prevent him from soliciting his former clients. J.P. Morgan additionally filed a parallel arbitration case with the Financial Industry Regulatory Authority (FINRA) against Cela, prompting the federal court to issue an order resolving the arbitration.


J.P. Morgan alleged that Cela violated a one-year non-solicitation provision in his employment contract by contacting his former clients. Cela managed more than $122 million for 412 clients prior to joining Wells Fargo, according to J.P. Morgan’s complaint. J.P. Morgan further alleged that Cela had convinced at least five clients to move nearly $8.5 million in assets to Wells Fargo.


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

 
 

Tags: eccleston law, jp morgan, finra

Return to Archive

TESTIMONIALS

Previous
Next

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

Jim T.

LATEST NEWS AND ARTICLES

December 8, 2025
Former Morgan Stanley Advisor Faces FINRA Action Over Undisclosed Loans from Elderly Client

FINRA filed a complaint against former Morgan Stanley advisor Kirk J. Crossen, alleging that he borrowed $400,000 from an 84-year-old customer experiencing early-stage dementia and concealed the loans from his firm.

December 5, 2025
FINRA Fines Wedbush Securities for Margin-Securities and Disclosure Failures

The Financial Industry Regulatory Authority (FINRA) ordered Wedbush Securities to pay $150,000 after identifying significant compliance and supervisory failures involving customer margin securities and required bond-pricing disclosures.

December 4, 2025
Webull Faces Scrutiny After Alleged Account Breach and Penny Stock Manipulation

An emerging investigation into Webull Financial centers on allegations that an unauthorized third party infiltrated the firm’s security systems, accessed customer brokerage accounts, liquidated existing holdings, and used the proceeds to purchase shares of Ten-League International Holdings Ltd.