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Edward Jones Targets Departing Broker with Restraining Order

November 7, 2018

Edward Jones is seeking a temporary restraining order against a broker who went independent in October, according to news reports.

After working for less than four years at the firm, David Snow left Edward Jones Oct. 11 and affiliated with Cambridge Investment Research, according to a filing in federal court in the southern district of Ohio cited by industry website AdvisorHub.

But prior to his departure, and while still employed by Edward Jones, Snow allegedly “actively and deceptively” printed out a client list as well as 262 client statements, the site writes.

After his departure, Snow allegedly contacted “some client[s],” according to the website, which cites the complaint as well as an affidavit filed by the administrator of the Springfield, Ohio, branch where Snow had worked, as well as an affidavit filed by another employee.

Edward Jones alleges Snow violated “trade secret” laws and his own contracts with the firm, and has asked the court for the TRO as well as unspecified damages pending an arbitration complaint the firm has filed against him concurrently, AdvisorHub writes.

The website reached Snow at the office of Retirement Wealth Strategies, an independent firm that transacts through Cambridge, but the broker declined comment to AdvisorHub about the allegations or about his response to Edward Jones trying to prevent him from contacting clients.

Cambridge tells the website it doesn’t comment on litigation. An Edward Jones spokesman didn’t respond to AdvisorHub’s request for comment.

Edward Jones is not a signee to the Protocol for Broker Recruiting, the industry accord that allows departing brokers to take some client information with them without the threat of lawsuits, the website writes.

Edward Jones HQ, St. Louis (pic credit: Jim Wolfe)

The firm has been aggressive about preventing brokers leaving the firm from taking client data, as reported.

In September, the firm asked for a restraining order against a terminated broker in San Carlos, Calif. And in April 2017, Edward Jones sought $1 million in damages from a broker against whom it won a TRO in February.

By Alex Padalka
  • To read the AdvisorHub article cited in this story, click here.