Raymond James Ordered to Pay Wachovia $6.6M For ‘Improper Recruiting’
Aug 12, 2002 12:00 PM,
By Rick Weinberg
Raymond James Financial Inc. was ordered by an NYSE arbitration
panel to pay Wachovia Securities $6.6 million for improperly recruiting
two brokers and a branch manager, according to the exchange and the
firms.
Raymond James is considering appealing the decision, according to a
company spokesperson.
First Union Securities, which is now Wachovia Securities, claimed
that Raymond James improperly hired a manager and two brokers for its
Indianapolis office.
"Raymond James is disappointed in the panel's decision, which we
believe was clearly inconsistent with the evidence presented,"' the
firm said in a statement.
Raymond James says its actions were appropriate and that the
employees it hired were not covered by any employment agreement. The
firms refuse to identify the brokers and branch manager.
In our 18th annual Broker Report Card survey, wirehouse FAs say they are fed up with management ruining their excellent franchises and platforms. Will the great advisor diaspora begin?
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