JPMorgan is pursuing one of its former personal customer advisors in a bank branch of JPMorgan Chase whom the company says incorrectly solicited customers when he left for an LPL Financial affiliate.

Stephen Browne resigned from JPMorgan on Feb. 4, 2021, and “immediately” signed up with Advisors Resource Council/Faubourg Private Wealth, an LPL affiliate, according to a suit filed on February 17 in a Louisiana federal court.

Browne then apparently started “strongly getting” customers at JPMorgan on the day he resigned, to convince them to relocate to LPL with him, including by calling them on their individual mobile phone, the fit claims. JPMorgan likewise alleges that clients informed the business that Browne’s “interactions have actually been more than simply revealing his change of work” but rather actively trying to induce them to move their organization to him at LPL/Faubourg.

Browne apparently told clients throughout these solicitation calls that he had more liberty to serve them at LPL and Faubourg than he had at JPMorgan, and might use clients more attention as well as lower charges, the match states.

JPMorgan also claims that Browne told a minimum of 2 clients of his intent to leave the company for an independent company prior to he in fact resigned, including that he would have an interest in continuing to deal with them.

Browne likewise presumably poorly took private client information, including telephone number, from JPMorgan to LPL, the fit says.

The solicitation efforts apparently resulted in five JPMorgan households moving $2.8 million in assets from JPMorgan to LPL/Faubourg, JPMorgan claims.

JPMorgan is looking for a short-lived restraining order and an initial injunction that would stop Browne from soliciting its clients and from using the confidential client details he allegedly took with him.