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 guidance. It's a good feeling knowing someone is fighting for you.

Matt J.

LATEST NEWS AND ARTICLES

November 17, 2025
FINRA Launches Targeted Probe into Small-Cap Foreign IPO Underwriters

The Financial Industry Regulatory Authority (FINRA) has launched a targeted investigation into broker-dealer firms that helped small foreign companies go public in the U.S., marking its latest move to combat pump-and-dump schemes.

November 14, 2025
FINRA Bars Former Edward Jones Broker in Crypto-Related Investigation

The Financial Industry Regulatory Authority (FINRA) has barred former Edward Jones representative Robert David Bienvenu for refusing to provide requested information and documents related to outside accounts and investments.

November 13, 2025
Conservation Easement Crackdown: Understanding IRS Enforcement and Investor Risk

Conservation easements can serve as powerful legal tools that protect open land, preserve wildlife habitats, and offer legitimate tax benefits to property owners.