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Former Edward Jones Advisor Cleared to Solicit Clients for ÍøÆØ³Ô¹Ïlls Fargo Advisors

Posted on May 13th, 2024 at 1:12 PM
Former Edward Jones Advisor Cleared to Solicit Clients for ÍøÆØ³Ô¹Ïlls Fargo Advisors

From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï

In a recent decision, a panel of three Financial Industry Regulatory Authority (FINRA) arbitrators ruled against Edward D. Jones & Co., allowing one of its former advisors, Justin P. Mackay, to solicit his former clients to transfer their assets to ÍøÆØ³Ô¹Ïlls Fargo Advisors.

AdvisorHub reports that the arbitration panel also rejected Edward Jones' claim for up to $2.3 million in damages against Mackay and recommended lifting the temporary restraining order (TRO) imposed by a state court during the arbitration process.

Edward Jones initiated the arbitration claim against ÍøÆØ³Ô¹Ïlls Fargo and Mackay in April 2023, alleging breach of contract and unfair competition and accusing the firm of aiding and abetting these violations. According to AdvisorHub, the firm contended that Mackay meticulously orchestrated his departure to maximize success in luring Edward Jones' clients to ÍøÆØ³Ô¹Ïlls Fargo, directly violating the terms of his employment agreement.

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

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