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

TESTIMONIALS

Previous
Next

If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it Eccleston Law.

Rick R.

LATEST NEWS AND ARTICLES

June 9, 2023
Retrospective Review Deadline Approaching

The deadline for completing the initial retrospective review required by the Department of Labor (DOL) is quickly approaching.

June 8, 2023
Former David Lerner Branch Manager Receives FINRA Sanctions for Supervisory Lapses

The Financial Industry Regulatory Authority (FINRA) imposed a one-month suspension and a $5,000 fine on former David Lerner Associates branch manager Rande Aaronson.

June 7, 2023
SEC Files Fraud Charges Against Financial Advisor for Exploiting Elderly Clients

The Securities and Exchange Commission (SEC) has charged Douglas McKelvey, a former Morgan Stanley financial advisor, with fraud for misappropriating more than $1.7 million from two elderly customers who were his close relatives.