UBS Seeks Injunction Against $8 Million Indiana RBC Team

Posted on November 18th, 2022 at 1:14 PM
UBS Seeks Injunction Against $8 Million Indiana RBC Team

From the Desk of Jim Eccleston at Eccleston Law.

UBS Wealth Management has asked a federal court to issue a temporary restraining order (TRO) against an $8 million team that departed to RBC Wealth Management in Indianapolis, Indiana.

UBS is requesting the temporary order in an effort to restrict the advisors from soliciting their clients, including one high-end account with $79 million in assets, to join them at RBC. UBS additionally alleges that it has not been able to locate “binders” of nonpublic client information that the advisors stored at their office. The temporary order would remain effective pending the outcome of a parallel suit that UBS filed in FINRA arbitration seeking a permanent injunction and damages. According to UBS’s complaint, RBC “lured” the advisors by offering a deal “potentially worth” 300% of their $8 million trailing 12-month production, including $16 million in upfront cash and an additional $8 million in deferred bonuses.

UBS’s complaint names seven members of the team, including its leaders, David Bartz, Daniel Chillemi, and Brendon Harbron. UBS further alleges that the team has been soliciting clients with offers of lower fees after previously setting up meetings with some clients while they were still employees at UBS for the purpose of solicitation. UBS’s complaint additionally cited printer logs, office access reports, and purported surveillance video as evidence that the team likely misappropriated nonpublic client information to assist with contacting the clients after their departure.

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

Tags: eccleston, eccleston law, advisors, law, ubs

Return to Archive

TESTIMONIALS

Previous
Next

Thank you for your professional assistance with this matter. You are very good at what you do.

John T.

LATEST NEWS AND ARTICLES

March 4, 2026
Modern Fraud Schemes Escalate in Scale and Sophistication

A recent panel discussion at the Financial Services Institute OneVoice conference in San Diego highlighted how rapidly evolving fraud schemes continue to victimize both retail and wealthy investors.

March 3, 2026
FINRA Suspends Former Stifel Broker Over Costly Account Switching Trades

The Financial Industry Regulatory Authority (FINRA) suspended a former Stifel, Nicolaus & Co.

March 2, 2026
FINRA Suspends Cetera Broker for Accepting $50,000 Client Bequest Without Firm Approval

The Financial Industry Regulatory Authority (FINRA) imposed a $10,000 fine and a seven-month suspension on an independent broker for accepting a $50,000 bequest from a client without obtaining prior firm approval.