A FINRA arbitration panel has ordered Raymond James and six financial advisors to pay Wells Fargo $20 million allegedly for orchestrating a coordinated raid of a Wells Fargo office in Arkansas.
According to the FINRA award, Raymond James and Kent Jackson Rhoades were found to have committed unfair competition, breach of contract, and illegal interference in its business, among other causes of action, according to InvestmentNews.com. Raymond James and the advisors denied the allegations, and claimed that, after their departure, Wells assigned their clients to replacement advisors who convinced their former clients to sever their relationships with them "through untruths and deception."
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