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

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
Quotes Bigger

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

1782497406 Law
June 26, 2026
FINRA Seeks to Make Remote Inspection Program Permanent

The Financial Industry Regulatory Authority (FINRA) is seeking approval from the Securities and Exchange Commission (SEC) to make its pandemic-era remote inspections program permanent before the current pilot is scheduled to expire in June 2027, according to AdvisorHub and FINRA's summary of its recent Board of Governors meeting.

1782400213 Law
June 25, 2026
SEC Alleges Illinois Investment Adviser Misappropriated Investor Funds and Concealed Losses

According to a litigation release published on SEC.gov, the Securities and Exchange Commission (SEC) has charged John Sterling Myers and his firms, Sterling Capital, LLC and Sterling Capital Management, LLC, with orchestrating a multi-year fraud involving investor funds held in a pooled investment vehicle.

1782320106 Law
June 24, 2026
FINRA Suspends Former Broker Over Undisclosed Business Activities, Annuity Recommendation, and Customer Data Violations

The Financial Industry Regulatory Authority (FINRA) has suspended former registered representative Clayton K.