Merrill Drops TRO Bid After RBC Team Returns iPads

Posted on June 23rd, 2021 at 12:08 PM
Merrill Drops TRO Bid After RBC Team Returns iPads

From the Desk of Jim Eccleston at Eccleston Law:

After filing for a TRO in early June, Merrill Lynch has elected to dismiss a federal lawsuit against a Maryland-based team that left for RBC Wealth Management. According to Merrill, the agreement occurred after the advisors returned iPads that the team allegedly used to capture photos of customer account information. The advisors also assured Merrill out of court that they would adhere to non-solicitation provisions. However, Merril announced it would be “continuing our remaining claims” for damages in arbitration with the Financial Industry Regulatory Authority (FINRA). 

The RBC team is led by Gordon Scott Wallace, who joined Merrill in 1989. Both Merrill and RBC are members of the Protocol for Broker Recruiting, which is an agreement that enables advisors who transfer between signatory firms to bring limited client information and to solicit clients without restriction. Nevertheless, Merrill argued that the team’s use of iPads to capture photos of client account information crossed the line and effectively nullified the protections of the Protocol.  

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

Tags: eccleston, eccleston law, merrill lynch, tro

Return to Archive



I am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.


December 9, 2022
FINRA Reminds Firm To Monitor For “Red Flags” In Options Trading Applications

The Financial Industry Regulatory Authority (FINRA) has released an announcement reminding firms that recommend options trading for clients to be constantly monitoring for “red flags” on customer applications.

December 8, 2022
FINRA Orders Morgan Stanley to Pay $697,897 Over Failure to Supervise Nine Advisors

The Financial Industry Regulatory Authority (FINRA) has ordered Morgan Stanley to pay $697,897, including a $200,000 fine and $497,897 in restitution, for failing to adhere to its own procedures for supervising its advisors’ high-risk recommendations. 

December 7, 2022
FINRA Bars Former Northwestern Mutual Advisor For Allegedly Cheating on CFP Exam

The Financial Industry Regulatory Authority (FINRA) has barred a former Northwestern Mutual advisor after he failed to cooperate with the regulator’s probe into the Certified Financial Planner Board of Standards’ (CFP Board’s) decision to bar the advisor for alleged “exam misconduct.”