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Wells Wins Almost $20M from RayJay for 'Coordinated Raid'

Raymond James Financial Services and an ex-Wells Fargo Advisors broker are liable to pay Wells more than $19.6 million as awarded by the Financial Industry Regulatory Authority. So reports AdvisorHub.

Raymond JamesWells claimed that Raymond James and Kent Jackson Rhoades, who left the firm for Raymond James in 2018, conducted a “coordinated raid” that forced its Mountain Home, Arkansas branch office to close.

The award includes $15.3 million in compensatory damages from Raymond James and Rhoades, while Rhoades was also individually on the hook for attorneys’ fees and costs.

Read the full article from AdvisorHub.

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