Tr?id=566623520170033&ev=PageView&noscript=1

Stephens Wins $18.2 Million In Raiding Claim Against Ben Edwards

Posted on February 4th, 2022 at 12:48 PM
Stephens Wins $18.2 Million In Raiding Claim Against Ben Edwards

From the Desk of Jim Eccleston at Eccleston Law: 

Stephens, Inc. has won nearly $18.2 million in an arbitration claim against Benjamin Edwards & Company over the raiding of an Arkansas branch. 

Stephens’ claim accused Ben Edwards of poaching four advisors at the Jonestown, Arkansas office over an 11-month span beginning in 2016. According to Stephens, the hiring constituted an unfair raid causing the firm to lose at least 40% revenue accompanied by predatory intent and “improper means” of recruiting. The award included $10.97 million in compensatory damages and $2.20 million in attorneys’ fees. Additionally, the two panelists in the majority awarded $5 million in punitive damages. 

The two panelists also denied a counterclaim that had sought nearly $2.55 million in damages pertaining to violations of the industry’s Broker Protocol recruiting agreement. Ben Edwards, which employs at least 300 advisors across 75 offices, will likely appeal the matter in an effort to reverse the arbitrators’ decision, according to a company spokeswoman. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, arbitration

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

You are the best attorneys in the country.

CC

LATEST NEWS AND ARTICLES

1793380402 Law
October 30, 2026
Former LPL Broker Faces Federal Charges in Alleged $11 Million Ponzi Scheme

Federal prosecutors accuse former LPL Financial broker William B.

1793294906 Law
October 29, 2026
FINRA Bars Former LPL Financial Broker for Refusing to Cooperate With Investigation

?The Financial Industry Regulatory Authority (FINRA?) barred Buddy Dean Mason, a former LPL Financial broker in Lakeland, Florida, after he refused to provide documents and information during an investigation into a customer complaint involving an alleged outside investment.

1793209405 Law
October 28, 2026
FINRA Panel Orders Kingswood Capital Partners and Executives to Pay Former Advisor $11.3 Million

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Kingswood Capital Partners LLC, CEO Michael Nessim, and Chief Compliance Officer Mohamed Alsoraimi to pay former advisor Rikin Patel $11,341,369.25.