Veteran Staten Island, NY, broker moved more than $19 million and four associates to her new firm within a week of leaving earlier this month, according to lawsuit filed on Monday.
Merrill teams in Virginia and NYC join independent firms while Stifel group with $180 million of assets affiliates with Ron Carson’s Cetera-based network of firms.
Decision in Massachusetts court underscores the difficulty of vacating arbitration awards.
Firm failed to give broker who has been there for 27 years adequate notice of change in his options expirations, but arbitrators knick broker for failing to monitor his position.
Brokers with between 18 and 34 years experience all jumped last week in Texas, Utah and Minnesota.
Moves add to a steady stream of departures from the Swiss bank’s U.S. brokerage business as regional firms lay down the welcome mat.
Settles SEC charges of inadequate surveillance that led five independent brokers in its franchise to steal almost $2 million from clients over four years.
Firm’s willingness to invest in the overhead of a new branch for solid, but not stellar, performers underscores eagerness to expand its employee channel brokerage force.