A Financial Industry Regulatory Authority (FINRA) Dispute Resolution Services arbitration panel ordered veteran Ameriprise advisor Erin Cannell to pay $450,000 to former colleague Andre Selfa in a dispute over client access and control, according to InvestmentNews.
Cannell filed the case in 2022 against Selfa and another former colleague, Austin Scott. According to the FINRA arbitration award cited by InvestmentNews, Selfa and Scott had worked at Cannell's firm, Heritage Wealth Advisors, before leaving.
Selfa departed Ameriprise in 2021 for Securities America Inc., now Osaic Wealth Inc. The three-member FINRA panel ordered Cannell to pay Selfa $150,000 in damages and $300,000 in attorneys' fees, InvestmentNews reports.
According to the award, Cannell asserted claims that included breach of contract and misappropriation of trade secrets arising from Selfa's and Scott's departures. Both advisors denied the allegations.
InvestmentNews also reported that the dispute reflects a broader pattern of advisor-to-advisor conflicts involving not only clients, but also proprietary information.
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